Auto parts provider Wanxiang plans to launch a fund focused on startups developing the blockchain technology that underpins digital currency bitcoin.

China-based automotive parts supplier Wanxiang Group intends to establish a $50m fund aimed at startups in the blockchain technology sector, China Money Network reported today, citing local media reports.

Blockchain, best known for being the underlying technology of digital currency bitcoin, is a cryptographic public ledger that enables verified, instant and low-cost transactions.

Wanxiang expects to provide $1m of funding in each of the next three years to a blockchain research lab that would create a range of new projects.…

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