Nanjing, the capital of China’s Jiangsu province, has launched a 10 billion yuan ($1.48 billion) blockchain investment fund to foster the token economy and public blockchain projects.
The capital of Jiangsu province, China, together with Zhongguancun Blockchain Industry Alliance, a Beijing-based alliance formed by blockchain companies and government research institutes, announced the $1.48 billion fund at the inaugural Industrial Public Chain Summit (IPCS) attended by Luo Qun, deputy secretary of the Communist Party of China in Nanjing, among other high-level local government officials.
Oh Kap-soo, chairman of South Korea’s government-backed finance research institute Global Finance Society who also attended the summit, said blockchain had wide applicability in education, science, and finance, and that the two countries working together can speed up technological development.
China is currently the world’s leader in terms of a number of blockchain patents filed, while South Korea has one of the most vibrant cryptocurrency exchanges in the world.
Korean companies are widely adopting blockchain to their services. Samsung SDS has launched a blockchain-based finance platform dubbed Nexfinance.
Local telco SK Telecom said it will adopt blockchain into payments for customers.