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GBCI raises $10M in funding for Chinese blockchain firm Cailu

Singapore.David Russo/Flickr

Sun, 07 Jul 2019, 04:13 am UTC

In a recent round of funding, the Singapore-based smart city venture fund called GBCI Venture raised $10 million for Cailu. This is meant to help the Chinese blockchain media platform grow via R&D, expansions, and more. Among the participants in the round is Orka Capital, as well, which could lead to more developments in the content-sharing industry.

Douglas Gan, the CEO and co-founder of GBCI Ventures is particularly enthusiastic at the idea of helping to grow the content-sharing market, DealStreetAsia reports. He notes how blockchain can actually help reduce the spread of unreliable news sources.

“Sharing is one of the characteristics of smart cities. Cailu, a sharing-based and a decentralized blockchain media platform, incentivise high-quality news and disincentivise low-quality content and even fake news; aims to become a major influencer on how blockchain can shape smart cities,” he said.

Orka Capital co-founder Zheng Jian Wei threw in his two-cents, putting particular emphasis on awareness and dialogue. Clear communications on what blockchain is or is not can certainly be a grounds for building a better foundation for future innovations.

“With the increasing proliferation and interest from both major institutions and the public in Blockchain technology, Cailu would be a great avenue to create awareness and dialogue between the two. This would lead to greater and faster advancement and adoption to usher in new and innovative tech to shape the way we conduct businesses in the future,” Wei said.

As far as blockchain investments go, providing better opportunities for letting real news spread and fake news to die down would certainly be the right way to go. Cailu will also be providing incentives for more participation in this matter by essentially rewarding readers with points by doing what they are already doing, TechInAsia reports. This includes reading, commenting, or even just signing in.

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