- A $140 million subsidy blockchain fund has been revealed by Chinese government authorities.
- The report detailed that they are suggested to be keen to sponsor two blockchain-related projects per year.
China’s Guangzhou government has announced a $140 million subsidy fund for the encouragement and development of blockchain initiatives.
The local authorities in Guangzhou are suggested to be planning to spend 1 billion yuan ($141 million) to selectively sponsor two blockchain-related projects each year, as noted via a tweet from a senior exec at crypto investment holding firm Primitive Ventures.
As per the reports, via Beijing-based media outlet Caijing, Primitive Ventures’ co-founder Dovey Wan detailed that the government is specifically planning on supporting two types of blockchain-related projects – federated chain projects and “no-coin” public chains.
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