Two months after it first announced a $20m fund that would focus exclusively on bitcoin and blockchain startups, Huiyin Blockchain Venture is doubling down on its commitment.
The China-based investment firm, a subsidiary of investment conglomerate Huiyin Group, revealed to CoinDesk that the fund has now collected a total of $80m, which will be placed strategically into startups.
A representative for the firm indicated that Huiyin Blockchain Venture is now considering investments in companies looking for seed-stage and Series A and B investments, with a wide focus on the companies that would be considered.
Huiyin Blockchain Venture president James Wo told CoinDesk:
"Our parent company believes blockchain use cases, infrastructure and exchanges are all important, and we’re going to select great projects from those three areas."
Wo also indicated that the fund may not further grow for some time, as it could take up to two years to allocate to selected startups.
To date, Huiyin Blockchain Venture has invested mainly in bitcoin startups, including the Amazon e-commerce platform Purse, Indian bitcoin exchange Unocoin and the bitcoin micropayments platform SatoshiPay.
Still, Wo suggested more investments would be forthcoming, and that some of the deals from the company could be sizeable.
"We will speed up soon," he predicted.
Investment concept via Shutterstock