The Guangzhou government has announced a $140 million subsidy fund to encourage the development of blockchain initiatives.
The local authorities are reportedly planning to spend 1 billion yuan ($141 million) to selectively sponsor two blockchain-related projects per year, according to a tweet of a senior exec at crypto investment holding firm Primitive Ventures.
“No-coin” public chains
Citing a report by Beijing-based media outlet Caijing on Oct. 30, Primitive Ventures’ co-founder Dovey Wan emphasized that the government is specifically planning to support two types of blockchain-related projects: federated chain projects and “no-coin” public chains.
Wan elaborated that the announcement defines a public chain as a “public chain without token,” expressing doubts if such a type of public chain exists.
According to Caijing, the maximum size of a blockchain subsidy for public chain projects will account for 10 million yuan ($1.4 million), while federated chain initiatives will be granted up to 3 million yuan ($420,000). Read More...