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Another $1 Billion Blockchain Fund To Be Introduced In Support With Chinese Government

Reportedly, Nanjing, a city from China, has concentrated on the development of blockchain-focused enterprises. The city has recently announced a fund of about $1 Billion for the development of blockchain-related projects.

Recently, Jiangbei New Area District Government in Nanjing city announced its plans for launching a blockchain fund of about 10 Billion Yuan ($1.4 Billion). Xinhua News Agency reported that the recent venture will be funded through a public–private partnership.

Yuandao Capital also announced its partnership to support this blockchain fund. Yuan Dao, Chairman, Blockchain Industry Alliance, had launched Yuandao Capital. It was established by top Chinese academic institutions. Jolmo Investment Management, a publicly listed venture capital firm from Nanjing, has also partnered in this fund.

As per the local news report updates, about 30% of the total amount will be contributed by the Nanjing Government as a guiding fund. This guiding fund is intended to focus on blockchain startups that are in their early stages. It will also aim at various innovations from Chinese academic institutions.

At the same time, the remaining 70% amount will be supplied by the private sector in the city. Various traditional industrial companies looking to adopt blockchain technology will be granted with about 40% of the fund. Finally, the remaining funds will be carefully utilized to fund other cryptocurrency projects. The Nanjing plan has come into reality because of Xi Jinping, China President, and the State Council have announced their support for the development of blockchain in China.

On a similar note, earlier in March 2018, the University of Cambridge together with the Chinese city of Nanjing announced their partnership. This collaboration will be focused on various research technologies that will be supporting the development of 21st-century smart cities.

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