Node Capital, a China-based venture capital firm focused on the blockchain industry, is launching a U.S. branch with 200,000 ethereum available to invest in blockchain startups, an amount that worth $86 million at press time.
The plan was announced during an event in San Jose, California, on Wednesday, according to a WeChat post published by the company.
The VC firm will set up a U.S. office with a local team working towards increasing its portfolio of blockchain startups from the Silicon Valley, even though it did not provide any information concerning its expected timeline for the U.S. launch.
Du Jun, founder of Node Capital, explained that the Beijing-based firm has invested in over 160 crypto startups, 80 percent of which are from China when he spoke at the event.
The firm has notably invested in startups such as hardware wallet maker Coldlar and Jinse Finance, one of the largest crypto media outlets in China. Node has also backed over 20 crypto exchanges.
Du Jun was also one of the first investors in China to have become active in the cryptocurrency industry, as he co-founded the Huobi exchange in 2013 with Li Lin, CEO of Huobi Group.