After two failed starts by separate investment funds, a new Chinese blockchain innovation fund has solidified the nation’s long-term commitment to blockchain technology and has over a billion USD in government backing.

Announced today, the Zhejiang Xiongan Blockchain Strategic Development Research Institute (ZXBSDRI) was launched inside China’s Hangzhou Blockchain Industrial Park.

The move is a step in the same direction as initiatives ETHNews previously reported, but uses new players.

The new blockchain research institute is jointly funded through the Xiongan Global Blockchain Innovation Fund, which is an initial purse comprised of investments by the Yuhang District Government, the Future Science and Technology City Administrative Committee, and the Hangzhou Yanqi Investment Management Company.

Notably, local media has reported that roughly 30 percent of the initial investment fund was put up by the Yuhang District Government, while the fund at large will be run by Hangzhou Xiongan Investment Management Co. In total, over $1.5 billion will be available for investment into companies seeking funding in the burgeoning blockchain space.

At today’s opening ceremony, ten separate blockchain startups from around the globe, including those focusing on blockchain community engines, digital asset trading services, blockchain cloud computing platforms, and informational databases were, per a rough translation of local media, “successfully contracted and settled.”

The Hangzhou Blockchain Industrial Park, in conjunction with the new Xiongan Global Blockchain Innovation Fund and ZXBSDRI, will function in concert, providing the academic, financial, and industrial foundation for the entire initiative moving forward.

The creation of the ZXBSDRI, in addition to helping sort the plethora of distributed ledger research already being done in China, could specifically offer unique insights for policy makers when combined with work being conducted by the People’s Bank of China’s Digital Currency Research Institute. Many believe China intends to create its own central bank digital currency (CBDC), which could replace cash.