A blockchain venture backed by Chinese conglomerate Wanxiang Group has launched a new startup accelerator.
The kick-off, which formally took place on 22nd February, comes soon after Wanxiang pledged to spend as much as $30bn on a smart cities initiative, set to be invested over a seven-year period. As part of that plan, Wanxiang, best known as the country’s biggest makers of automotive parts, said it would look to fund blockchain entrepreneurs.
As a continuation of that plan, China’s first dedicated blockchain accelerator – dubbed the ‘Chainbase Accelerator’ – will initially launch with four startups under its wing.
During the launch event in the Hongkou District of Shanghai, Feng Xiao, vice president and executive director of China Wanxiang Holdings – the group’s financial arm – invoked its smart city initiative once again, stating that the conglomerate sees a role for blockchain in the areas of next-generation energy delivery, digital currency and smart governance.
The executive told attendees:
“The Wanxiang Group is willing to leverage blockchain technology, in the … innovative new energy city whose core industry is the manufacturing of new energy vehicles. Blockchain will play crucial part in the Internet of Value, in the Internet of Industry, in the servitization of industrial manufacture, and also
Read more ... source: CoinDesk
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