China's Fosun Group Buys Stake in Blockchain Startup

Chinese conglomerate Fosun Group has invested in Shanghai blockchain startup Onchain.

AccessTimeIconAug 23, 2017 at 5:44 p.m. UTC
Updated Sep 13, 2021 at 6:51 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

One of China's biggest corporate investors has bought a stake in a blockchain startup.

reports that Fosun Group is investing in Shanghai Distributed Technologies Co Ltd, the company behind the Onchain blockchain project.

Founded in the 1990s, Fosun has become a major force in China's finance space. Among its listed investments include stakes in Cirque du Soleil and Club Med. Fosun also has operations in the mining, insurance and technology sectors, among others.

It's not immediately clear how much of a stake was purchased, but according to the report, the amount is worth "tens of millions of yuan" per a Fosun official. The conglomerate is the sole investor in this particular funding round.

Onchain, a start-up that utilizes an open-source distributed network architecture (DNA), previously developed the public blockchain network NEO. Formerly known as Antshares, NEO raised more than more than $4.5 million in an initial coin offering (ICO) last fall.

The startup is aiming to create a "universal platform" built on the tech. In recent months, it has inked several key partnerships, including an email storage concept with e-commerce giant Alibaba and an identity initiative with the city government of Guiyang.

Image Credit: Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.