The capital of Jiangsu province, China, along with Zhongguancun Blockchain Industry Alliance, a China-based alliance formed by blockchain companies and government research institutes, announced the USD 1.48 billion fund at the inaugural Industrial Public Chain Summit.
Initially resistant to blockchain development and clamping down on cryptocurrency trading, the Chinese government has softened its stance since the beginning of 2018. Among the funds first beneficiary will be the UDAP Foundation and TokenX Community.
The aim is to see new blockchain technologies in cross-border platforms, content, healthcare, energy, intellectual property, and environmental protection. According to Zhongguancun Blockchain Industry Alliance, industries adopting blockchain technology will bring about more chains, which in turn will bring more technological breakthroughs.
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