In recent years, the cryptocurrency and blockchain space has evolved from a niche technological experiment into a global financial movement. While much attention is given to crypto-native founders and blockchain evangelists, a powerful undercurrent has been forming — traditional tech and business leaders, once seen as outsiders, are now deeply involved in shaping the industry’s trajectory.
A viral photo from a private Dragonfly Capital-hosted crypto summit brought this quiet infiltration into the spotlight. The image featured Ethereum co-founder Vitalik Buterin alongside tech giants like Meituan’s Wang Xing, Redpoint China’s Neil Shen (Shen Nanpeng), Ceyuan Ventures’ Feng Bo, and Dianping founder Zhang Tao. At first glance, it seemed like an unusual gathering — but it revealed a deeper truth: the lines between traditional tech and blockchain are blurring, and behind the scenes, some of the most influential figures in Chinese business are actively investing in, supporting, and even building within the crypto ecosystem.
The Quiet Investors: Behind-the-Scenes Power Players
Zhang Tao – From Dianping to Blockchain Infrastructure
Zhang Tao, best known as the founder of Dianping (acquired by Meituan), may appear to be an outsider in the crypto world. But his involvement runs deeper than many realize.
In 2018, Dragonfly Capital launched a $100 million crypto fund with backing from prominent traditional investors — including Zhang Tao. This fund was dedicated to early-stage blockchain and digital asset projects, signaling serious institutional interest beyond speculative trading.
Further research via public records shows Zhang’s direct ties to blockchain ventures:
- He serves as a supervisor at Shenzhen Maker Blockchain Technology, a firm offering blockchain middleware solutions, digital asset exchanges, and custom chain development.
- He holds a 2.5% stake in Shenzhen Luhé Investment Consulting, which invested in Lianwei Technology — the developer behind MakerChain, an Ethereum-based angel investment platform.
While MakerChain has faced rumors and skepticism online, its existence underscores Zhang’s strategic positioning in blockchain infrastructure rather than just passive investment.
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Feng Bo – The “Ghost Investor” with a Crypto Edge
Feng Bo, co-founder of Ceyuan Ventures, is often called the “ghost investor” due to his low public profile. Yet his portfolio reads like a who’s who of China’s internet revolution: Fanke, Lanting Group, Xunlei, and Douban.
As blockchain gained momentum, Feng’s firm began backing key players in the space:
- Mars Finance and Deep Chain Finance — leading Chinese blockchain media platforms.
- Atomic Chain — a scalable public blockchain project.
- OKX (formerly OKEx) — one of the world’s largest cryptocurrency exchanges.
This strategic focus illustrates how veteran investors are using their capital to support not just protocols, but the entire information layer of the crypto economy — media, data analytics, and exchange infrastructure.
Neil Shen – Redefining Investment Through Blockchain
Neil Shen, founder of HongShan (formerly Sequoia China), needs no introduction. With investments in Alibaba, Meituan, JD.com, and ByteDance, he’s often credited with touching “half of China’s internet.”
But less publicized is his fund’s aggressive move into blockchain:
- Early backing of Huobi, Bitmain, Filecoin, Orchid Protocol, and UgChain.
- Support for decentralized storage and privacy-focused networks indicates a long-term vision beyond speculative coins.
Despite this deep involvement, Shen rarely speaks publicly about crypto — a sign of disciplined, long-term conviction rather than hype-driven participation.
Shen Guojun – Bridging Traditional Finance and Digital Assets
As chairman of Intime Retail (acquired by Alibaba), Shen Guojun has long been part of Jack Ma’s inner circle. But his crypto footprint emerged through investment in OK Group, parent company of OKX.
Public filings reveal that Shen holds shares in OKC Holdings Corporation, alongside other traditional moguls like史静 (Shi Jing, daughter of Shi Yuzhu) and Ceyuan’s Feng Tao.
This crossover signals a growing trend: established business leaders are diversifying into digital assets not as gamblers, but as strategic investors — viewing blockchain as the next evolution of financial infrastructure.
Bao Fan – From Skeptic to Silent Participant
Bao Fan, founder of Huaxing Capital, was once openly skeptical about blockchain. In 2018, he described blockchain as “just a distributed database” and warned that crypto markets were highly speculative and dominated by whales.
Yet paradoxically, Bao Fan joined Dragonfly Capital’s $100 million crypto fund as an investor.
This contradiction — skepticism paired with investment — reflects a broader sentiment among elite financiers: they may not believe in the hype, but they recognize the transformative potential.
The Vocal Advocates: Open Supporters of the Movement
Wang Xing – The Thought Leader Watching Crypto Closely
While Wang Xing hasn’t made direct investments in blockchain projects (at least publicly), his engagement is intellectual and intense.
During Facebook’s Libra announcement in June 2019, Wang posted nearly every two days on his social feed analyzing the project:
- He compared Libra’s strategy to “picking soft persimmons first” — targeting weaker economies before confronting major currencies.
- He likened Zuckerberg to Lenin and Satoshi Nakamoto to Marx — highlighting the revolutionary implications.
- He even commented on branding details like Facebook’s color change.
These insights suggest that while Meituan isn’t launching a token yet, Wang is mentally preparing for a decentralized future — possibly positioning his company for strategic moves when the time is right.
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Xu Xiaoping – The “All In” Crypto Evangelist
Unlike others on this list, Xu Xiaoping of ZhenFund made headlines with a fiery internal message urging entrepreneurs to “embrace blockchain or face extinction.”
His words lit a fire under China’s startup scene in early 2018:
“Blockchain is a technological revolution greater than mobile internet. You must act now.”
Though he later deleted many public posts during the market downturn, his actions spoke louder:
- ZhenFund achieved average returns of nearly 7x on blockchain investments between 2017–2018.
- Portfolio successes include Huobi, GXChain (public key: GXS), IOST, and DTA.
- Projects like Coinify and BlockSeer show interest in crypto compliance and analytics.
Xu may have stepped back from public commentary, but his early bets prove he saw value where others saw noise.
Cai Wensheng & Xiong Xiaoguo – Early Believers with Skin in the Game
- Cai Wensheng, founder of Meitu, was an active member of the famous “3 AM Blockchain Chat Group” in 2018 and invested in OKCoin as early as 2014.
- Xiong Xiaoguo of IDG Capital backed U.S.-based Circle during its Series D round and has consistently voiced optimism about blockchain’s long-term impact.
These figures represent a generation of investors who didn’t wait for mainstream validation — they entered early and stayed committed.
Is the Spring Coming Back?
The viral summit photo isn’t just a snapshot of a moment — it’s symbolic. It shows that:
- Some leaders invest quietly (Zhang Tao, Neil Shen).
- Others advocate loudly (Xu Xiaoping, Cai Wensheng).
- And some watch closely, ready to act (Wang Xing).
While the crypto winter cooled speculation, it also separated real builders from hype-chasers. With institutional interest rising again in 2025 — driven by spot Bitcoin ETFs, Layer 2 scaling, and global regulatory clarity — many believe the next bull cycle is forming.
These “outsider” giants aren’t just dabbling. They’re laying foundations.
Frequently Asked Questions (FAQ)
Q: Are these traditional investors still active in crypto today?
A: Yes. Though public activity slowed after 2018–2019, many continue private investments. Funds like Dragonfly Capital remain active, and companies like Huobi and OKX continue to grow globally.
Q: Did any of these figures face legal issues due to crypto involvement?
A: As of 2025, none of the individuals mentioned have faced public legal consequences related to their crypto investments. Most participate through venture capital channels or private holdings.
Q: Why do traditional investors care about blockchain?
A: Blockchain represents a fundamental shift in how value is stored, transferred, and verified. For investors exposed to fintech and digital transformation, it’s a natural extension of their thesis.
Q: Is there proof these investments were profitable?
A: Data from ZhenFund shows average returns of nearly 7x during the 2017–2018 cycle. Early bets on exchanges like Huobi and infrastructure projects yielded significant gains for early backers.
Q: Can we expect more mainstream companies to adopt blockchain now?
A: Absolutely. With improved scalability (e.g., Ethereum Layer 2s) and regulatory frameworks emerging, even conservative firms are exploring use cases in payments, supply chain, and identity verification.
Q: How can I track similar investment trends?
A: Follow major VC firms like Redpoint China, Ceyuan Ventures, and Dragonfly Capital. Their portfolio updates often reveal early-stage moves into emerging tech sectors like DeFi, NFTs, and Web3.