Nanjing Launches $1.5 Billion Fund for Blockchain Projects
The Chinese city of Nanjing has launched a 10 billion yuan ($1.48 billion) blockchain development investment fund to foster the local token economy and attract blockchain startups.
According to a July 23 report by tech media outlet ZDNet, Nanjing announced the new fund in collaboration with Beijing-based Zhongguancun Blockchain Industry Alliance at the inaugural Industrial Public Chain Summit (IPCS).
The aim of Nanjing’s new mega-fund is to attract and assist blockchain companies producing “cross-border platforms, content, healthcare, energy, intellectual property, and environmental protection” to start operations in the city of over 8.3 million inhabitants. ZDNet reports that the new fund has already backed two projects - UDAP Foundation and TokenX Community.
Nanjing’s $1.5 billion fund is only the latest blockchain-focused mega-fund to come out of China. A separate municipal-backed Chinese mega-fund also valued at 10 billion yuan ($1.48 billion) for blockchain development was revealed by the city of Hangzhou in April 2017.
Chinese companies Binance and Huobi, two of the world’s biggest cryptocurrency exchanges by trading volume, announced major new blockchain-focused investment funds in June, with Binance revealing a $1 billion venture fund and Huobi launching a $93 million China-Korea crypto investment fund.
China banned initial coin offerings (ICOs) and cryptocurrency trading in September 2017, but may soon look to overturn this ban in favor of regulation.