Chinese state-owned insurer opens two crypto funds in HK

China Pacific Insurance (CPI) subsidiary CPIC Investment Management has opened two crypto funds in Hong Kong, in partnership with investment firm Waterdrip Capital.

Ranked the second-largest property insurer in Mainland China, CPI is owned by the country’s central government, the Shanghai municipal government, and China Securities Finances.

According to a report from Coin Telegraph, the new crypto funds include a venture capital fund called the Pacific Waterdrip Digital Asset Fund I, which will focus on investments in early-stage blockchain projects. The second, Pacific Waterdrip Digital Asset Fund II, will manage proof-of-stake digital assets. Both crypto funds will reportedly target institutional and wealthy private investors.

The report of the new funds come as Hong Kong positions itself as a cryptocurrency hub for the world, despite Web3 slowdown following several crypto controversies. In March, Singaporean authorities started investigations into Terraform Labs Pte, the company co-founded by crypto fugitive Do Kwon.

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