An investment association led by the Chinese government is establishing a funding center in a bid to support blockchain development efforts in the country, CoinDesk reported referring a local news outlet The Paper.

The Investment Association of China (IAC) is reportedly setting up the Global Blockchain Investment and Development Center (GBIDC). Liu Ren, vice chairman of the IAC, has confirmed the initiative and told The Paper that the effort comes after the association noted the growing popularity of the technology.

The funding center will be established under the IAC's Foreign Investment Committee. It will seek collaborations with overseas blockchain projects, invest in domestic projects, as well as provide consulting services to institutions that are interested in making blockchain-related investments.

Recently, the Ministry of Industry and Information Technology of China announced its plans to set up a committee to frame national standards for blockchain technology, CoinDesk reported.

Founded in 2001, IAC is a social organization that aims to provide services regarding investment to its members. It is registered with the Ministry of Civil Affairs of the People's Republic of China and reports directly to China's National Development and Reform Commission.