Nanjing City Bares $1.5 Billion Blockchain Investment Fund

Jul 23, 2018 at 23:56

The Zhongguancun Blockchain Industry Alliance, a Beijing-based group, has partnered with Nanjing City to roll out a blockchain investment fund valued at $1.5 billion.

The Zhongguancun alliance, made up of government research institutes and blockchain-focused firms, unveiled the tie-up at the first Industrial Public Chain Summit (IPCS).

Two projects, namely the UDAP Foundation and TokenX Community, are reportedly the first recipients of the fund. UDAP aims to establish a decentralized asset platform where users can withdraw assets as tokens. Meanwhile, details of the TokenX Community’s project remain in the dark.

The latest initiative is part of the Nanjing City’s broader aim to bolster the application of blockchain technologies in several various platforms such as content marketing, healthcare, energy, intellectual property and environmental protection.

“Industries adopting blockchain technology will bring about countless more chains, which in turn will bring more technological breakthroughs,” Yuandao, chairman of Zhongguancun Blockchain Industry Alliance, was quoted in ZDNet.
Moving forward from this project, Nanjing City is also mulling over having the blockchain companies it will be funding to move to their location.

This marks the latest of a series of China’s moves that reflect an ease in its views on blockchain. The softening position is a reversal of its initial crackdown against the technology, most defined in September last year when it banned initial coin offerings.

Last year, China topped in having the most number of blockchain-related patents filed at 225, followed by the United States with 91.