The race for the region with the most pro-technology atmosphere is on, especially regarding blockchain technology and artificial intelligence (AI). Now in an effort to lead the pack, a new fund has been created to support the development of these new technological offerings in the European Union (EU), so other countries such as China and the United States don’t leave Europe behind.
According to a blog post, the European Investment Fund (EIF) together with the European Commission, have jointly raised €100 million (about $110 million), specifically for investments with proceeds to be channelled into funding blockchain technology and AI endeavours in the region.
In addition to the €100 million, another €300 (about $331 million) is expected to also be pumped into the fund from private investors, giving a total of more than $400 million. Furthermore, there is a possibility that by next year, national promotional banks might be allowed to join.
The post highlights that so far, the United States is the biggest spender on blockchain and AI, and is expected to spend $1.1 billion. Western Europe comes in at number 2 with $674 million and China at number 3, with $319 million, according to the International Data Corporation.
“AI and blockchain can only change lives if they can be commercialized and used. We’re looking forward to making that happen.”
The move comes as the atmosphere in the EU seems favourable as a recent study has shown that more than 60% of Europeans believe crypto will last for quite a while.
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