Pudong Announces AI Seed Fund Worth 2 Billion Yuan
The city of Shanghai is ramping up its artificial intelligence (AI) investment strategy, with several notable developments taking place. One of the most significant announcements is the launch of Binance's Quack AI, which focuses on cross-chain WLFI token movements. This new initiative marks Binance's foray into the AI sector.
Binance has partnered with an unspecified company to bring Quack AI to life. Meanwhile, Binance's Founder advocates for the convergence of cryptocurrency and AI technologies, suggesting a growing synergy between these two sectors.
The Pudong Artificial Intelligence Seed Fund, another key part of Shanghai's AI investment strategy, was launched with an initial investment of 500 million yuan. This government-driven investment is focused on early-stage AI innovations and is a testament to China's commitment to fostering AI advancements.
The structuring of the Pudong Artificial Intelligence Seed Fund within national policies highlights the Chinese government's focus on AI sector development. Similar state-backed funds, like the Zhongguancun third-phase fund, have historically targeted deep tech in China.
However, it's important to note that the Pudong Artificial Intelligence Seed Fund is not directly linked to any significant changes in the crypto market or investments in blockchain technologies.
Elsewhere, ChainCatcher has partnered with Alibaba Cloud for Web3 infrastructure development. This collaboration underscores the growing importance of Web3 infrastructure in the AI and blockchain sectors.
In other news, Boerse Stuttgart has unveiled Seturion for blockchain settlements. Meanwhile, Circle has deployed native USDC and CCTP V2 on Hyperliquid, further strengthening the adoption of digital currencies.
Lastly, Tesla is working on enhancing the performance of its AI chips with AI5 and AI6. This development could potentially revolutionise the automotive industry and AI sector as a whole.
While John Kojo Kumi, a cryptocurrency researcher and writer specializing in emerging startups, tokenomics, and market dynamics within the blockchain ecosystem, is not publicly recognized as being associated with AI investments in China, his work continues to contribute significantly to the blockchain community.
Looking ahead, Hong Kong is preparing for a third digital bond issuance in 2025, further demonstrating the growing adoption of digital currencies and blockchain technologies in the financial sector. These developments underscore the global shift towards a more digitally integrated future.
