A decade ago, a Bloomberg report called Feng Bo, the grandson-in-law of former paramount leader Deng Xiaoping, "an early investor in China's Internet startups." Today, Feng's investment firm is linked to OKX, one of the largest cryptocurrency exchanges in the world.
"Bloomberg News mapped the families of Communist China’s 'Eight Immortals' to reveal the origins of princelings, an elite class that has been able to amass wealth and influence, and exploit opportunities unavailable to most Chinese. Bloomberg tracked 103 people—descendants including children, grandchildren and great grandchildren, and their respective spouses. The Immortals, now all dead, are revered in communist lore as revolutionary fighters who led China’s economic opening after Mao Zedong’s death. The identities and business dealings of these families are often cloaked in secrecy because of state censorship and complex corporate webs."
According to Bloomberg, Feng studied art at a college in California before going on to co-found multiple venture capital firms. He is married to Zhuo Yue, the founder of a public relations company with clients including Louis Vuitton. Zhuo Yue is the granddaughter of Deng Xiaoping, who was a paramount leader in China following the death of Mao Zedong.
Feng's first investment in the crypto industry was a 2014 investment into the crypto exchange OKX, which was founded in Beijing, Decrypt reported. In 2018, he founded Dragonfly capital with support from the founders of companies including Baidu and Meitu.
OKX is the sixth-largest crypto exchange in the world, with an average 24-hour trading volume of $1.26 billion, according to CoinMarketCap.
In October 2018, Nasdaq described Feng as the largest investor in OKX and said Dragonfly had attracted investors from companies including A16Z, Bain Capital Ventures, and Polychain Capital. Feng, who is also a founder of Ceyuan Ventures, said he intends for Dragonfly to serve as a bridge between the East and West. "We have a unique opportunity to back and bring together the leading participants in the decentralized economy - from fund managers to token project leaders, from Beijing to San Francisco to Berlin," Feng said.
Zhizu reported that Feng's father was vice chairman of the Fifth, Sixth, Seventh, Eighth and Ninth Central Committee of the Chinese People's League and also served as a member of the Standing Committee of the Tenth National People's Congress.
