China Mobile Communication Corporation (CMCC) has announced the launch of an $100 million venture fund dedicated to blockchain projects focused on startups in the Asia Pacific region.
The venture capital fund, called CMCC Blockchain Asia Pacific Investment Plan, is backed by the Chinese tech conglomerate with a focus on early-stage investments in startups with leading disruptive technology solutions. The move marks CMCC’s increased focus on blockchain technology and plans to become a world leader in the space.
The fund will provide resources to its partner startups such as financial assistance for project development, tech support, and access to CMCC’s global knowledge network. It also assures venture-based risk management and guidance to equip portfolio companies with the advantages for sustainable development.
“We believe there is immense potential to extend our distribution capabilities, develop new technologies, and create more value for customers globally,” said CMCC Chairman Yang Jie.
CMCC is the world’s largest telecom company by market capitalization and revenue. In 2020, the company reported a total revenue of 519.95 billion yuan, up 10.5 percent from the previous year.
This move marks CMCC’s further foray into the blockchain sector, as the company revealed plans to invest 10 billion yuan in 2021 in the development of its blockchain services. CMCC has already made strides in the field, launching its own cross-border blockchain platform as well as a host of other blockchain related services.
Their bold move is indicative of CMCC’s commitment to blockchain technology, its future importance in the global tech landscape, and the potential it holds for business and consumers alike. With its launch of this venture plan, CMCC has all but solidified its status as a leader in the blockchain space.