Nanjing City, one of China’s most historic cities, is launching a $1.5 billion blockchain fund with the aim of boosting the digital currency economy and support public projects based on blockchain.
China was one of the first countries to ban domestic cryptocurrency exchanges back in the summer of 2017. As a global player in almost all economic fields, China plays a crucial role when it comes to cryptocurrencies and blockchain development projects. However, after the cryptocurrency bans, China has somehow reassessed its position on digital currencies and blockchain.
Nanjing City will partner with Zhongguancun Blockchain Industry Alliance, a major consortium of companies and government institutes involved in blockchain, to develop the ground-breaking investment fund. The partnership and project were announced at the Public Chain Summit.
According to The Paypers, some of the first beneficiaries of the fund will be TokenX Community and UDAP Foundation.
The major aim of the massive blockchain fund is to boost technological advancement across multiple fields such as medicine, environment etc. It seems that the focus of the fund will be diversified, with the ultimate goal of bringing about breakthroughs in different areas.