European Union Launches New Blockchain and AI Fund To Avoid Falling Behind US And China

The European Commission and European Investment Fund (EIF) launch blockchain fund to avoid letting USA and China become global innovators in the cryptoasset space.

The European Union (EU) and its commission have set up a new fund that will be dedicated to providing capital for artificial intelligence (AI) and blockchain projects in the region.

According to the reports, the EU donated around $100 million EUR to the fund and private investors are expected to bring up at least $300 million EUR. National banks will be able to invest in the fund, too. Some reports indicate that, in the future, the venture capital initiative could raise up to $2 billion EUR using the InvestEU Programme.

One of the main goals of the new project is to address something that is considered a flaw in the EU. While a lot of money was used in projects, large scale projects simply did not receive enough attention in the region.

Right now, the EU is already spending a lot on blockchain technology. During the year, the union spent around $674 million USD, mostly on proof of concept projects. The United States, however, is the biggest spender in the area, with over $1.1 million USD spent on the technology. China is the second-largest spender, with $319 million USD. No country in the EU has overcome that mark.

The European Investment Fund, the organization behind the venture capital project, has affirmed that the creation of the fund will certainly help the investor community in the EU. According to them, innovative technologies such as blockchain and AI are great investments and now, with the involvement of national banks, the investments in the area can be even bigger.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,232FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Second Half of 3-Yr Bull Market: Ether’s Crazy Run has 90% of its Supply in Profit

This past weekend, the price of Ether went past $400 to as high as about $420, a level last seen in July 2018. This...

Teenage Mastermind Behind the Twitter Hack Owns $3.39 Million in Bitcoin (300 BTC); Bail Set At $725k

The 17-year old Twitter-hack mastermind holds over $3 million in BTC value with only $725,000 set for bail. In a bizarre moment last month, Twitter...

Bitcoin (BTC) Jumped to $100,000 on Binance Futures

There have been several predictions that see Bitcoin hitting a six-digit figure. On Sunday, this became a reality, very briefly, thanks to an algorithm. Bitcoin...

Flash Crash Caused Serious Network Congestion for ETH, ETC, And ERC 20 Tokens on Coinbase

On August 1, the Ethereum's blockchain faced a spike in network transaction fees, causing a backlog in transfers across several exchanges. Coinbase and Binance,...

Bitcoin’s Wild Weekend Reminiscent of 2017 Bull Rally, ‘Higher Highs Ahead in 2020'

This past weekend, bitcoin had a rough time as the largest cryptocurrency made its way past $12,000 to $12,112 in trading just after midnight...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today