China Pacific Insurance (CPI), the third-largest life insurance company in China, has launched two crypto-focused investment funds in Hong Kong as the region works towards becoming a new hub for the crypto market.
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According to a local news outlet 36Kr, the insurance giant launched the two funds through its venture subsidiary CPIC Investment Management in a partnership with Waterdrip Capital, which has already confirmed the collaboration.
The first fund, dubbed the Pacific Waterdrip Digital Asset Fund I, is focused on backing early-stage blockchain startups. The second one, the Pacific Waterdrip Digital Asset Fund II, will invest in tokens with the Proof-of-Stake algorithm.
The move comes as Chinese lenders are seeking business opportunities in crypto firms in Hong Kong. As per reports, the Hong Kong arms of Bank of Communications, Bank of China and Shanghai Pudong Development Bank have "either started offering banking services to local crypto firms or have made inquiries to the field."
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