China is now offering millions of dollars in subsidies for blockchain start-ups

China is now offering subsidies for blockchain start-ups

A newly inaugurated blockchain industrial park in China is offering millions of dollars in subsidies to tap more highly-skilled people and startup companies.

The Hangzhou Blockchain Industrial Park unveiled a policy which aims to accelerate the development of the blockchain industry.

The latest policy was announced via Xiong’An Funds (“Grand Shores Fund”) official WeChat account, the main operator of the blockchain facility. Both were introduced in April.

Under the new policy, the enterprise zone is supporting talented more individuals and startups by providing a subsidy worth up to 3 million Chinese yuan, or about $490,000, as a resettlement allowance.

To attract them to establish their own offices at the Hangzhou complex, the new guidelines have introduced four primary types of subsidies to new firms.

Each early stage startups is being offered a maximum of $230,000 for housing and $1 million for research and development.

More mature blockchain entities may opt to reside in the industrial area with housing and R&D amounting to $480,000 and $780,000, respectively.

As of writing, Chinas blockchain industrial park has not yet unveiled the criteria to apply for their subsidy package.

But a representative from the industrial park said they will reveal more precise definitions and eligibility requirements this summer.

Earlier, the creation of the $1-billion blockchain fund and the dedicated blockchain incubation made rounds because of the amount involved and the Hangzhou city government itself backed the endeavor with 30 percent of the total funding.

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