In August, the city of Nanjing announced the launch of $1.5 billion fund for blockchain research and development. The UDAP Foundation and TokenX Community has become the first beneficiaries of the fund. Currently, the fund is in talks with providers of blockchain-based services for real estate development and smart city solutions.
Green light to blockchain startups in China
Initially resistant to the“shadowy”sector of crypto-economy, the Chinese government is now adjusting its policy. In May, Xi Jinping endorsed the development of blockchain solutions at the meeting at the Chinese Academy of Sciences and the Chinese Academy of Engineering.
The local authorities recognized the change of climate and entered into an open dialogue with the blockchain community. In August, the city of Nanjing, the national leader in big data and AI research, launched the first public fund for blockchain development in China.
The city of Nanjing is set to become the main blockchain hub in the country using its investment capital of 1.5 billion USD. Currently, it is the largest venture fund for blockchain startups in China. The private fund of Houbu, worth 1 billion USD, went down to the second position by investment equity amount.
Blockchain for public sector and international projects
The adoption of blockchain solutions for public sector has become one strategic goals in China. Therefore, the Nanjing Blockchain Fund emphasized its interest to solutions for healthcare, education and public services. The application round is open both for local and foreign teams who have achieved significant results in blockchain development.
However, the foreign applicants would need an endorsement of the Chinese innovation centers whether it is a university technopark or a government-backed incubator. The latter category includes the projects launched under the inter-governmental agreements such as the Russian-Chinese Youth Business Incubator (RCYBI), Chinese-Taiwanese Industry Accelerator (IAPS), Chinese Business Incubation Association, etc.
In August, Nanjing hosts the second round of RCYBI program in order to establish connections with the Russian big data & blockchain developers. At the current round, two projects from Russia has entered the negotiation with the Nanjing Blockchain Fund – “INTRO Analytica” (Ufa) and “Integral”(Novosibirsk). The former is developing a Business Intelligence system for the real estate and construction sector, while the latter is engaged into smart city solutions.
The visit of the Chinese delegation to INTRO Technology Rus, a developer of “INTRO Analytica”