The Blockchain Industrial Park (BIP) in Hangzhou, China is offering millions of dollars to lure blockchain startups into the area.
According to its recently released Industrial Park Policy, the BIP will be giving out these subsidies to blockchain startups that set up their businesses in the park. This is part of the park’s effort to develop a quality blockchain space and increase adoption of the tech.
On the issuance of the subsidies, the Industrial Park Policy states:
“For each issue, when there will be a specific project application between an ‘offshore blockchain’ and ‘Artificial Intelligence Town of China’, the other makes the issue public for the first time. During the reporting period, qualified companies can submit materials. The declaration system is only open during the reporting period…After the quality project passes the assessment, it will be organized by the Management Committee of Hangzhou Future Science and Technology City (CSIC).”
The Hangzhou BIP will be giving startups up to $230,000 in rent assistance and almost up to $1 million for research and development (R&D). More advanced startups and projects can expect to receive up to $480,000 in rent assistance, up to $780,000 for R&D, maintenance funds, and other funding assistance grants for specific projects.
Applicants will be required to submit their applications to the Investment Promotion Bureau of the Future Technology City Management Committee. Once approved, the startups will have access to the BIP’s resources for their project.
China has been stepping up its game in the blockchain space and this is just a small part of it. According Xinhua, the official press agency of China:
“By the end of March 2018, there were 456 blockchain technology companies in the country, forming a complete industrial chain, including hardware manufacturing, platform services, security services, industrial technology application services, investment and financing, media and human resources services.”