Siemens to Invest in Blockchain Startups
German engineering giant Siemens plans to invest in blockchain startups and projects through a newly created business unit backed by $1.1bn.
German engineering giant Siemens plans to invest in blockchain startups and projects through a newly created business unit backed by $1.1bn in capital.
The company announced today that it would spend the money over a five-year period, focus on areas related to artificial intelligence and next-generation propulsion systems for smaller aircraft, as well as "decentralized electronification".
Siemens said in a statement:
The new unit, dubbed "next47", will open offices dedicated to the effort in China, Germany and the US.
DISCLOSURE
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.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/4D2FUPG6DZH7PFOAXTD3EYYEVM.PNG )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/UP4YKJ7J2JEHJKMFQJSPWH3T7I.png )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/6AJMTNP6RVDM5HX2HHGO2JNPPQ.jpeg )
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LCWNUJI4ZVHHTAUHQIZ7UFSJTA.jpeg )
