Hangzhou Blockchain Industrial Park announces millions of dollars worth of subsidies

The Hangzhou Blockchain Industrial Park in China has announced millions of dollars worth subsidies to startups.

The opening ceremony of the Blockchain Industrial Park was held on April 09, 2018. In an announcement dated May 24, it unveiled a new policy which is aimed at accelerating the development of the blockchain industry.

In particular, the new policy is focused on bringing in blockchain talents and encouraging startups through a number of incentives

According to the new plan, the industrial park is offering up to 3 million yuan (around $490,000) to high-level blockchain specialists as a resettlement allowance.

Furthermore, in order to attract blockchain startups to establish their office at the complex, the new policy has outlined four main categories of subsidies to startups engaging with blockchain technology, CoinDesk reported. Early stage startups, for example, are being offered up to $230,000 for housing and $1 million as R&D funding. More mature blockchain startups would be able to apply to reside in the area with $480,000 housing and $780,000 R&D subsidies.

“The approved high-quality blockchain project can be located in the China (Hangzhou) China Hangzhou Blockchain Industrial Park, enjoying preferential policies and making full use of the park's industrial chain, capital chain, and service chain resources,” the announcement reads (loosely translated).