Our weekly roundup of news from East Asia curates the industry’s most important developments.

GBA Capital, a Chinese venture capital fund based in Shenzhen, has pledged $10 billion for an inaugural Web3 fund focusing on virtual reality, metaverse assets, and non-fungible tokens. 

During the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference on December 26, Haolong Li, Chairman of GBA Capital,saidthat its new Web3 Fund will help the region become the “world’s meta-asset capital.”

GBA Capital is backed by China’s state-owned National Engineering Laboratory and financial institutions including the Asia Pacific Investment Bank and China Europe International Financial Group. The firm provides education training, industry capital, and investment incubation for Web3 and AI startups.

Tencent’s new blockchain fleet management patent

Chinese technology conglomerate Tencent has been awarded a patent for managing vehicle fleets using blockchain technology. According to local news reports on December 27, the patent, approved by China’s Intellectual Property Office, involves converting vehicle license plates to hash values and then verifying the hash against vehicle information stored on a public blockchain.

The procedure would allow service providers such as car rental companies and parking attendants to monitor the real-time movements of their vehicles with greater accuracy. Tencent first filed the patent application on November 29, 2019. 

In recent years, the Chinese internet giant has been keen on research and development of Web3 and blockchain technology. On September 7, the company unveiled the “biggest AI language-learning model ever” with over 2 trillion

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Author: Zhiyuan Sun

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