China’s Nanjing Releases $1.5B Fund: To Foster Token Economy, Promote Public Blockchain Projects

Chinese Nanjing City to partner with Zhongguancun, a Beijing-based industry alliance, to roll out public blockchain projects worth $1.5 B. The announcement was made at the Industrial Public Chain Summit (IPCS), earlier this week.

“Industries adopting blockchain technology will bring about countless more chains, which in turn will bring more technological breakthroughs,” said Yuandao, chairman of Zhongguancun Blockchain Industry Alliance.

The main aim of this deal is to implement new blockchain technologies in cross-border platforms like healthcare, content, intellectual, energy, environmental protection and property.

“Global cooperation, convergence with industries, consensus, and autonomy will be the key to the token economy’s success going forward,” said Wang Xiaohui, deputy chairman of Tsinghua University’s Internet Industry Research Center.

The initiative will encourage and assist blockchain companies to establish a base in the city. Early beneficiaries of the fund will be the UDAP Foundation and TokenX Community.

Since the beginning of 2018, the Chinese government has been seen to soften its views on blockchain development, with President Xi Jinping calling the blockchain a breakthrough technology, comments widely seen as an endorsement, Chepicap reported.