European Union launches €410m venture capital fund for start-ups and SMEs

European Union launches €410m venture capital fund for start-ups and SMEs

European Union launches €410m venture capital fund for start-ups and SMEs

A new European Blockchain partnership signed by 22 European countries.

During his opening issued at the EC's Digital Day 2018 in Brussels, he further asked the European Union to "commit to Europe's digital and data-based future".

Europe should be home to blockchain and play a leading role in its development, says Andrus Ansip, VP of the European Commission.

Today's commitments by Member States give a strong signal: We all understand that Europe's future is digital and that the only way to fully reap the benefits of new technologies is by working together, joining forces and resources.

The website describes blockchain as a technology capable of promoting trust.

The Commission said this was expected to unlock €6.5bn of new investment in innovative start-up and scale-up companies across Europe, doubling the amount of venture capital now available on the continent.

The afternoon was partially devoted to the Blockchain Partnership Initiative, which was featured in a session devoted to ensuring Europe "seizes all the opportunities offered by a transformative blockchain ecosystem". By pooling health data, using artificial intelligence and blockchain and promoting innovation, Europe can significantly improve people's lives.

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The Commission's release states that "the Partnership will contribute to the creation of an enabling environment, in full compliance with European Union laws and with clear governance models that will help services using blockchain flourish across Europe".

A European Commission vice-president has called on EU nations to commit to blockchain technology which he says is moving out of the lab and going mainstream.

The Partnership will also be a vehicle for co-operation amongst European countries to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide blockchain applications across the Digital Single Market for the benefit of the public and private sectors.

The European Commission and the European Investment Fund (EIF) have launched a venture capital programme aimed at resolving the size problem that has deterred many investors from allocating to the asset class.

"In a globalized world where the big companies have a huge advantage over individual consumers, we need to level the odds", EU Justice Commissioner Vera Jourova said in a statement.

The European Commission also launched the EU Blockchain Observatory and Forum in February 2018 and has already invested more than Euro 80 million in projects supporting the use of blockchain in technical and societal areas.

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