$1.6 Billion Block-Chain Fund Raised by Chinese Government to Support Startups

$1.6 Billion Fund Raised by Chinese Government to Support blockchain centric starups

Similarly Indian Government, this year India’s Neighborhood country China has also banned the usage cryptocurrency. While Indian govt. showed their concern in exploring blockchain technology in different fields like agriculture, health and education. It seems that China is one step ahead when it comes about blockchain innovations.

At the grand opening ceremony of Hanzhou Blockchain Industrial Park in Hanzhou, China, a $1.6 Billions ( 10 Billion Yuan) worth Blockchain Innovation Fund was announced that will be used in several blockchain startups in the country. Around 30% of the fund is backed by the Government. The whopping amount of fund was mainly raised by multiple organisations including Yuhang District Government, Tunlan Investment firm and Future Science and Technology City Administrative Committee.

The Blockchain Industrial Park will serve as a blockchain centric incubator for promising blockchain startups. Hangzhou Blochain Industrial park is located at Hangzhou city in Zhejiang province, that is one of the biggest tech hubs in china and home to chinese e-commerce giant Alibaba. As per reports, 10 innovative blockchain startups are ready to move in to the Blockchain Industrial Park.

A private blockhain investment group (INBlokchain) founders, Li Xiaolai and Lao Mao have been appointed to manage those funds. Xu Xiaoping, Founder of a venture capital firm named Zhenfund will serve as adviser of the blockchain-fund.

Currently china is the leading country across the word for blockchain patent applications. All of these makes it clear that China is looking forward to take the lead in blockchain technology. Several companies are coming ahead to support blockhain startups. Also Alibaba rival JD.com is likely to launch an accelerator program for new artificial intelligence and blockchain startups.