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As China and the US plow ahead with blockchain based technology the EU have launched a estimated EUR 400 million fund to aviod being left behind.

The European Investment Fund (EIF) and the European Commission (EC) have together invested EUR 100 million (over USD 110 million) for a dedicated investment scheme that will make capital available to AI and blockchain projects via VC funds or other investors, EIF, an EU agency set up to indirectly fund SMEs.

The EIF commented:

Investing in a portfolio of innovative AI and blockchain companies will help develop a dynamic EU-wide investors community on AI and blockchain. By involving national promotional banks, we can scale up the volume of investments at a national level

It has been said with the initial funding in place, the EIF said private investors are expected to bring the fund up to EUR 300 million (USD 331 million), while the total could rise further from next year, with national promotional banks being able to co-invest under the scheme.