Blockchain Investment Fund Launched By Chinese City Of Nanjing

Blockchain, Investing, News | July 23, 2018 By:

Nanjing City, the capital of Jiangsu province of the People’s Republic of China, has teamed with the Zhongguancun Blockchain Industry Alliance (ZBIA) to launch a 10 billion yuan ($1.48B USD) blockchain investment fund.

Nanjing is the second largest city in the East China region, with a total population of 8,270,500. Nanjing is an industrial technology research and development (R&D) hub, hosting many R&D centers and institutions, especially in areas of electronics, information technology, computer software, biotechnology and pharmaceutical technology, and new material technology.

Based in Beijing, ZBIA is a consortium of blockchain companies and government research institutes. Yuandao, chairman of the ZBIA, announced the new blockchain investment fund at the Industrial Public Chain Summit. The event was attended by Luo Qun, deputy secretary of the Communist Party of China in Nanjing, and other high-level local government officials.

The aim of the new fund is to see new blockchain technologies in cross-border platforms, content, healthcare, energy, intellectual property, and environmental protection. During the event, Yuandao said “industries adopting blockchain technology will bring about countless more chains, which in turn will bring more technological breakthroughs.”

The city of Nanjing will also provide incentives for blockchain businesses to physically relocate to the city. Some of the first beneficiaries of the fund will be the TokenX Community and blockchain middleware service UDAP Foundation.

Despite outlawing many aspects of the local crypto industry last year, China still remains a hub of activity for blockchain development. The country is currently the world’s leader in terms of a number of blockchain patents filed, with 225 blockchain patents.

In May of this year, China’s president Xi Jinping spoke in support of blockchain at the 19th annual conference of the Chinese Academy of Sciences in Beijing. He said that new generation technologies, such as blockchain, are reshaping the global economic structure.