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Three Chinese companies Yillion Bank, a fintech firm HDFH and a venture capital firm ZVCA have opened a new blockchain fund with a target capital of $1 billion, iHodl Russia reports.

The size of the Global Digital Bank Consortium Blockchain Investment Fund will be around $1 billion with a term consisting of a 6-year investment phase and a 2-year exit phase.

The fund will reportedly invest in and digitally transform a bank, which serves as the main node of the global digital bank consortium blockchain.

HDFH Chairman Cao Tong says the first step is to invest in and digitally transform a bank.

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"The second step is to build a global digital bank consortium blockchain, with the digitally transformed bank as the main node," Cao added.

Earlier iHodl reported that a Canadian investment fund manager 3iQ Corp received permission from the Ontario Securities Commission (OSC) regarding the listing of the Bitcoin Fund on a major Canadian stock exchange.

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