A newly established blockchain industrial park in the Chinese city of Hangzhou is hoping to attract talented individuals and startups by offering millions of dollars-worth of subsidies.
A policy guide announcing the incentives was published on Thursday via the official WeChat account of the Xiong'An Fund (which translates as "Grand Shores Fund") – the primary operator of the blockchain complex, both of which were launched in April.
As previously reported by CoinDesk, the establishment of the $1 billion blockchain fund and the dedicated blockchain incubation park were notable both for the amount involved and because the Hangzhou city government backed the initiative with 30 percent of the total funding.
According to the new policy, though still subject to further revisions, the industrial park plans to offer a maximum of 3 million yuan (roughly $490,000) as a resettlement allowance to qualifying individuals with high-level blockchain-based skills.
In addition, four main categories of subsidies are being made available for blockchain-related startups in a bid to attract them to set up shop at the complex.
For instance, for early stage startups, the industrial park plans to provide each with a maximum of $230,000 for housing and $1 million as research and development funding. More mature blockchain startups may apply to reside in the area with the help of $480,000 for housing and $780,000 for R&D.
It is currently unclear, however, what criteria must be met to be eligible to apply for the amounts offered. A representative from the industrial park told CoinDesk that the organization aims to provide clearer definitions and eligibility criteria for the different levels of funding this summer.
Hangzhou image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.