China's Nanjing authorities inaugurated the CNY 10 billion investment fund for financing public blockchain projects and tokenization services.
The new unit was realized via cooperation between the Nanjing government and Beijing-based Zhongguancun Blockchain Industry Alliance (different blockchain companies and state research institutes).
The new fund was shown during the Industrial Public Chain Summit. Notably, this event was visited by Luo Qun (vice secretary of China's Communist Party in Nanjing) along with other officials.
The main target of the fund is to promote further development of the blockchain sector and the application of the available technologies to different areas.
According to the news reports, the first beneficiaries will be UDAP Foundation and TokenX Community.
As stated the chairman of Zhongguancun Blockchain Industry Alliance, the industries that apply blockchain may open doors for new technologies.
Notably, the city officials reportedly expressed their intentions to support blockchain-based projects that are ready to relocate to Nanjing. Despite tight stance towards cryptocurrencies in 2017-2018, China now is the top-1 country in terms of the blockchain patent applications. Moreover, Beijing plans to establish the national Blockchain Standards Committee by end-2018.