Nanjing Starts A Multi-Billion Dollar Fund For Promoting Blockchain Projects
Jiangsu’s capital city, Nanjing, is dedicated to promoting the investments into blockchain projects that benefit the public and also support the general digital currency economy. This famous Chinese city has set up a 1.5-billion-dollar fund, which is equivalent to 10 billion ¥.
This investment fund that targets explicitly blockchain ventures will be launched by the Zhongguancun Alliance, a notable Beijing-based blockchain group of companies that includes blockchain companies and government research organizations. The alliance announced this bold project during the first IPCS meeting (Industrial Public Chain Summit). The Chinese government sent some of its top officials to the summit, including the Communist Party’s Deputy Secretary, Luo Qun.
Is China Finally Willing To Fully Embrace The Blockchain Industry?
Blockchain technology and cryptocurrencies have not had a very nice time in China over the last few years. In fact, less than 12 months, China put in place a ban on all ICOs within the country. Also, the government reaffirmed its tough position by a pledge to pursue any foreign ICOS operating within state illegally.
Nevertheless, over the past few months of this new year, China ranked several popular cryptocurrencies, but Bitcoin did not make the list of the top ten cryptocurrencies. Besides, the government has also reported a considerable increase of more than 400% for companies that included the term “blockchain.”
With this latest development, we see that the Chinese official authorities are working together with an established blockchain alliance towards developing the local blockchain industry. Even though the nation may have been slightly extremist at the start, it has since changed its approach quite drastically to how it deals with the crypto sector.
The First Blockchain Fund Beneficiaries
Both TokenX Community and UDAP Foundation have been chosen to be the first beneficiaries of this investment fund. The latter seeks to create a blockchain asset platform where users can quickly tokenize assets, while the former’s goal is still a mystery.
Besides funding all blockchain projects, Nanjing City also plans to have these companies relocate to its city. China already boasts more blockchain-linked patents than any other country with a total of 225 patents filed last year. The U.S. Is much further behind with only 91 of such patents filed.
Blockchain Innovations For Industries
As industries continue adopting blockchain technologies, more chains will be created leading to more innovative technological breakthroughs. China has created a welcoming environment for merging blockchain and industries thus forming the foundation of a productive token economy.