In recent days, a photo has gone viral across Chinese social media—featuring Ethereum founder Vitalik Buterin alongside tech and investment heavyweights including Meituan’s Wang Xing, HongShan’s Neil Shen, ZhenFund’s Feng Bo, and Dianping founder Zhang Tao. The image captured these influential figures at a closed-door cryptocurrency summit hosted by Dragonfly Capital, sparking widespread speculation: Is a major shift underway in the blockchain and crypto landscape?
While such private gatherings are not uncommon in the blockchain world, what makes this event stand out is the presence of several leaders traditionally associated with mainstream tech and venture capital—not known for public involvement in digital assets.
This moment raises an intriguing question: Are established tech entrepreneurs and investors quietly positioning themselves within the crypto ecosystem?
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The Hidden Players: Traditional Tech Leaders in Crypto
Behind the scenes, a growing number of prominent figures from China’s internet and venture capital elite have already dipped their toes into blockchain and cryptocurrency investments—some discreetly, others more openly.
Zhang Tao – From Dianping to Blockchain Infrastructure
Though best known as the co-founder of Dianping (later merged with Meituan), Zhang Tao has been linked to blockchain initiatives through strategic investments. In 2018, he joined Dragonfly Capital’s $100 million crypto fund, which focused on early-stage blockchain ventures.
Public records reveal further connections:
- He serves as a supervisor at Shenzhen Maker Blockchain Technology, a company offering digital asset solutions and blockchain development services.
- He holds a 2.5% stake in Shenzhen Luhé Investment Consulting Partnership, which invested in Linkwell Tech—a firm behind the Ethereum-based angel investment platform MakerChain.
While MakerChain released a token roadmap in 2019, updates have since stalled. Some online rumors have questioned the project’s legitimacy, though no official investigations have confirmed misconduct.
Zhang remains low-profile, but his affiliations suggest a cautious yet active interest in blockchain infrastructure.
Feng Bo – The “Ghost Investor” with a Crypto Edge
Feng Bo, founding partner of Cyzone Ventures, is often called the “ghost investor” due to his reclusive nature. Despite rarely giving interviews, his portfolio speaks volumes: early bets on Fanke, Dianping, Xunlei, and Douban cemented his status in China’s internet boom.
More recently, Cyzone expanded into blockchain under Feng’s guidance. Notable investments include:
- Mars Finance and Deep Chain Finance – leading blockchain media platforms
- Atomic Chain – a public blockchain project
- OKX (formerly OKEx) – one of the world’s largest crypto exchanges
His firm’s move signals that even traditionally conservative VCs are recognizing blockchain’s long-term potential.
Neil Shen – Redefining Investment Through Blockchain
As co-founder of HongShan (Sequoia China), Neil Shen has backed giants like Alibaba, Meituan, and ByteDance. His fund has also quietly built a robust blockchain portfolio, investing in:
- Huobi Global
- Bitmain
- Filecoin
- Orchid Protocol
Despite minimal public commentary on crypto, Shen’s investment strategy reflects deep conviction in decentralized technologies. His approach aligns with HongShan’s broader philosophy: back transformative innovations early, regardless of short-term volatility.
Shen Guojun – Bridging Traditional Finance and Digital Assets
Chairman of Intime Group and close ally of Jack Ma, Shen Guojun has long operated at the intersection of commerce and technology. Beyond Alibaba collaborations and Cainiao Network leadership, he holds a stake in OK Group (OKC Holdings)—the parent company of OKX.
This investment ties one of China’s most influential retail moguls directly to the crypto ecosystem. Alongside him are other traditional-sector leaders like史静 (Shi Jing, daughter of Shi Yuzhu) and Cai Wensheng—proving that crypto appeal now spans generations and industries.
Bao Fan – The Cautious Advocate Turned Investor
Founder of Huaxing Capital, Bao Fan once publicly warned against speculative crypto investing. In 2018, he described blockchain as “just a distributed database” and cautioned that virtual currencies were largely driven by speculation.
Yet paradoxically, Bao participated in Dragonfly’s crypto fund—demonstrating what many call the “say no, but invest anyway” phenomenon.
This duality reflects a broader trend: even skeptical executives recognize that missing out on disruptive tech could be riskier than participating.
The High-Profile Enthusiasts: Vocal Supporters of Web3
While some leaders operate behind the scenes, others have championed blockchain with visible passion.
Wang Xing – The Thought Leader Watching Libra Closely
Meituan CEO Wang Xing hasn’t launched any known crypto projects—but his intellectual engagement with blockchain is undeniable.
During Facebook’s Libra (now Diem) announcement in June 2018, Wang posted nearly daily insights on his Weibo-like feed (Fanfou):
- Called Libra’s strategy “targeting weak nations first”
- Compared Zuckerberg to Lenin and Satoshi Nakamoto to Marx
- Analyzed branding changes like Facebook’s blue hue shift
- Speculated on financial institutions likely to support the coin
His depth of analysis suggested more than casual curiosity—it resembled that of an executive preparing for strategic action.
Could Meituan be exploring tokenization or decentralized services? While unconfirmed, Wang’s attendance at the Dragonfly summit hints at future moves.
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Xu Xiaoping – The “All-In” Evangelist
True Global Partners co-founder Xu Xiaoping made headlines in early 2018 when a leaked message urged entrepreneurs to “embrace blockchain immediately.” He declared it “a technological revolution where those who resist will perish.”
Though he later deleted social media posts amid regulatory crackdowns, Xu’s fund achieved staggering returns:
- Average return: ~7x between 2017–2018
- Top performer: GXChain (Guixinbao) with over 38x ROI
- Other investments: Huobi, IOST, DDEX, Coinify
His firm continues to back fintech and blockchain ventures—even if quietly today.
Other vocal supporters include:
- Cai Wensheng – Early OKCoin investor and leader of the “3 AM Blockchain” community
- Xiong Xiaoguo (IDG) – Backer of Circle’s Series D round and consistent blockchain advocate
Is the Crypto Spring Returning?
The viral photo represents more than just a meeting—it symbolizes convergence. On one side: seasoned investors testing uncharted waters. On the other: curious innovators assessing disruption.
While much of this activity occurred pre-2019, before the market downturn, recent signals suggest renewed momentum:
- Bitcoin price recovery post-2023 halving
- Institutional adoption via ETFs
- Regulatory clarity emerging in key markets
- Real-world use cases expanding in DeFi, NFTs, and RWA tokenization
Still, challenges remain—scalability, security, regulation. Yet the fact that leaders like Wang Xing and Neil Shen continue engaging suggests long-term belief.
“The best time to plant a tree was 20 years ago. The second-best time is now.” — Ancient Proverb
For crypto, that time may finally be returning.
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Frequently Asked Questions (FAQ)
Q: Has Wang Xing officially invested in any cryptocurrency projects?
A: As of now, there is no public evidence that Wang Xing has directly invested in or launched a crypto project. However, his deep interest in blockchain—especially Libra—is well documented through his social media commentary.
Q: What is Dragonfly Capital known for?
A: Dragonfly Capital is a leading blockchain-focused venture fund managing hundreds of millions in assets. It has backed major players like Huobi, Solana, and MakerDAO while attracting investors from top-tier tech and finance circles.
Q: Why are traditional investors entering crypto despite risks?
A: Many see blockchain as foundational infrastructure for the next internet era (Web3). Despite volatility, early adoption offers outsized return potential and strategic positioning ahead of mass adoption.
Q: Is participation in crypto summits a sign of new projects?
A: Not necessarily. Attendance often reflects research, networking, or portfolio oversight rather than immediate launch plans. Still, it indicates serious consideration of blockchain opportunities.
Q: Are Chinese entrepreneurs still active in crypto despite local bans?
A: Yes—while mainland China restricts crypto trading and mining, many entrepreneurs remain involved globally through offshore entities, investment funds, or advisory roles.
Q: How can I track legitimate blockchain innovation amid scams?
A: Focus on projects with transparent teams, verifiable codebases (e.g., GitHub), real use cases, and reputable backers like HongShan or Dragonfly. Avoid anything promising guaranteed returns or lacking technical documentation.
Core Keywords: blockchain technology, cryptocurrency investment, Ethereum founder Vitalik Buterin, Meituan Wang Xing, HongShan Neil Shen, Dragonfly Capital summit, crypto venture capital, Web3 innovation