Chexianglian: The Ride-hailing Company Gets Funding from Grand Shores Blockchain Fund
A former employee of Alibaba founded Grand Shores Global Blockchain Ten-Billion Innovation Fund. This is an investment fund, which recently announced that it had invested in Chexianglian, a ride-hailing company. Reports first came out in the Chinese media. However, the exact amount that was invested is undisclosed. It is only known that tens of millions of dollars were invested.
What Is Chexianglian?
This is a ride-hailing project as reported in the Chinese media. Some of the outlets indicated that it would be quite similar to VV Share, which is a car-sharing platform. This platform will let drivers and riders have control of the platform.
Its founder, Chen Weixing, was also the founder of Kuaidi Dache, which later merged with Did Dache, thus becoming the largest ride-hailing company in China. This new platform will have a focus on becoming a blockchain-based token economy. Some sources have claimed that Chexianglian will have over 60 employees and more than 10,000 vehicles on the roads.
Growing Interest In The Ride Sharing Sector
In China and the rest of the world, there have been a growing number of projects, which target the transportation and mobility sector. Most of the focus has been on how to use the blockchain in these sectors. For instance, a recent report indicates that ofo, the bike sharing company based in Chain, is on the blockchain. Apparently, they have launched a project in Singapore that will allow them to use tokens incentives to get more users to utilize ofo bikes.
The Ten Billion Fund
Grand shores was founded just a short while ago by a former employee of Alibaba. He has been investing in new ventures for a while now. For instance, he was amongst the early investors in Canaan Creative, which is the second-most popular Bitcoin-mining rigs manufacturer that is based in China. Xialoai, an EOS Investor is also backing the fund.
Their Medium page says that the Hangzhou Tunlan Investment Management Co. Ltd in collaboration with INBlockchain created the fund. The focus will be on the billion-dollar innovation fund invested in blockchain based technology companies. The fund also claims that it has managed to attract senior managers from Fortune 500 companies.
The Grand Shores Fund end goal is to place about $1.5 billion USD into the blockchain industry. The fund says that it has received about 30% of its capital from the government guidance fund of the Hangzhou Government.
The Hangzhou Provincial Government has been known to be quite friendly to the blockchain technology. One of its most recent investments was earlier in the month of June when Usechain, a mirror identity blockchain ecosystem was given an undisclosed amount of funding.
The Hangzhou Province’s friendliness to tech startups is not very surprising. The province is home to Alibaba, one of the biggest digital-based companies in China and the world. The company has created many jobs in the world and in the Province. It has also no doubt helped to boost the economy of the province.