Singapore-based GBCI Ventures has launched Building Cities Beyond (BCB) Blockchain, a platform for building smart city solutions.
According to a statement, BCB Blockchain is GBCI’s first venture-built company. BCB will have APIs ready for use to develop various smart city applications such as asset ledgering, e-wallets and payment systems.
GBCI has also announced a minimum allocation of $10 million for investments in smart city projects developed on BCB blockchain. Both GBCI and BCB will launch blockchain accelerators regionally in coming months, with a blockchain-focused fund to be launched soon.
“BCB’s strength lies in the platform for smart city projects. We believe blockchain technology improves trust and transparency in all forms of transactions across all industries for smart cities,” said Lee Changjin, Chief Operating Officer of BCB.
GBCI Ventures had in February said that it has closed a $100-million smart city fund, with plans to fully deploy it by October this year. The fund targets infrastructure projects covering roads, homes, renewable energy, sustainability and vertical farming. It will also seek projects that can be deployed in One Belt One Road (OBOR) markets.
GBCI’s investors include a Chinese corporate venture capital firm and family offices from Japan, Hong Kong, Taiwan and mainland China.
In a statement, GBCI added that 70 per cent of its fund is dedicated to venture building and 30 per cent to VC activities that will eventually be merged or acquired by GBCI. Its venture building team is 1000-people-strong across eight countries in Asia.