European Investment Fund to Invest in Blockchain and AI Projects

Asia Blockchain Review
December 1, 2019

The European Commission and European Investment Fund (EIF) has announced that the agencies will be supporting blockchain and artificial intelligence (AI) projects in Europe with a new investment plan.

Driving Blockchain Projects in Europe

On November 20th, 2019, the organizations disclosed through a blog post that they will be driving innovation related to blockchain and AI by introducing a scheme to provide funding for these new technologies.

“With the European Commission, we are launching a dedicated investment scheme that will make EUR 100m available to venture capital funds or other investors that support AI and blockchain-based products and services,” stated the blog post.

“Because these are cornerstone investments, we expect a total of EUR 300m to be generated for AI and blockchain from other private investors ‘crowding in.’”

Promoting Use Cases for New Technologies

According to Cointelegraph, the organizations added that it will aim to drive blockchain and AI projects to be developed in a more practical way and for European-based projects to go “beyond the research and proof of concept stage,” as there is still a lack of use cases for these technologies. 

The agencies also stated, “The blockchain and AI ‘financing gap’ in Europe presents an opportunity for the EIF to support these new technologies through its existing and future venture capital networks.”

At the moment, few venture capital funds are investing in blockchain projects in Europe, resulting in blockchain startups looking to countries like the United States for funding.

However, with the new initiative, 100 million euros will be provided by the European Commission and EIF, with another 300 million euros expected to be raised from investors.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Improving Grant Management with Blockchain Technology
    The U.S. Treasury Department and the National Science Foundation have developed a blockchain-enabled...

    January 27, 2020

    Dish Network Files Patent for Anti-Piracy System Backed by Blockchain
    Dish Network, a major television provider in the U.S., has submitted a patent application for an "an...

    January 27, 2020

    Concerns Raised over Unclear Definitions of Crypto-Assets in Crypto-Currency Act 2020
    A cryptocurrency bill being drafted in the US Congress has been criticized for its vague definitions...

    January 25, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us