Chinese insurance giant enters Hong Kong’s crypto space through local subsidiary.
One of China’s leading insurers has backed the establishment of two crypto investment funds in Hong Kong. The business move comes against the backdrop of the region’s ambitions to become a hub for digital assets, and despite the negative regulatory attitude towards the market in the mainland.
CPIC is China’s third largest state-owned insurance company, Chinese crypto journalist and blogger Colin Wu, also known by the Twitter handle ‘Wu Blockchain,’ noted in a post on Monday, citing a report by the Chinese news outlet 36kr.com. China’s third largest state-owned insurance institution Pacific Insurance Investment Management Hong Kong Branch and Waterdrop Capital launched a compliant blockchain venture capital fund and POS token income enhancement fund in Hong Kong.
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