BankLedger, a China-based blockchain startup, has received RMB 1.5 million yuan from the government of Nanjing City, the capital Jiangsu Province, 8btc reported.
This marks the first time that a Chinese company has received grant directly from the government. CEO of BankLedger, Dr. Shentu Qingchun told the publication house that the grants are pure help from the government, adding that the company’s ownership structure, management and operation will not be affected.
The grants come as Nanjing’s government seeks to encourage local emerging startups. Qingchun said that it applied for the incentive in March this year and started explaining blockchain technology to the panel responsible for the grants program. He also appreciated that the local government recognized the potential of the technology.
Speaking of partnerships, BankLedger has joined forces with Webank, a private online bank based on the popular instant message app in China Wechat. In addition, China Merchants Bank, an A-share listed bank in China, has teamed up with BankLedger to translate blockchain technology into real benefits.
The startup is also a founding member of the Financial Blockchain Shenzhen Consortium (FBSC), established in July 2016. Bureau of FBSC appointed Qingchun as FBSC’s Executive Vice Secretary-General.
The report comes amid China’s recent push for blockchain technology. Last month, the country central bank, the People’s Bank of China (PBoC) was looking for blockchain experts and developers to ramp up its efforts to develop official digital currency for the country announced earlier this year. In addition, the Chinese government released a white paper focused on blockchain technology in order to actively guide the development of the technology and its application in the country.
