China is experiencing a sixfold increase in the number of …
China is experiencing a sixfold increase in the number of firms in the names of the “blockchain”
According to the South China Morning Post, China is experiencing an explosive growth of companies whose official names contain the word “blockchain” – in 2018 there were almost 6 times more of them registered than in the entire last year..
There are over 4,000 blockchain companies currently registered in China, according to government data compiled by Qixin.com. From January to July 16, 2018, 3,078 companies appeared in the country, the name of which contains the word “ится китай” (translated from Chinese as “blockchain”), while last year there were 555.
For comparison, according to OpenCorporates.com, which collects corporate registration data from dozens of countries, there are now 817 companies in the US and 335 companies in the UK, whose official names use the word “blockchain”.
Although China’s regulators are negative about cryptocurrencies, the country’s interest in blockchain is still high, as evidenced by the strong focus on blockchain development. For example, in 2017, Chinese companies published 49% of the total (1,060) patents related to blockchain technology, overtaking the United States, which accounts for 33%.
The Chinese blockchain boom was also helped by the friendly policy of local authorities. In April this year, a $ 1.6 billion government blockchain fund was opened in Hangzhou – then it was claimed to be the world’s largest fund for investment in blockchain projects. In addition, a month later, it became known that China began to develop national standards for blockchain technology; this work is planned to be completed by the end of 2019.
According to Financial News, a Chinese financial publication under the country’s central bank, blockchain and online lending are the most heavily funded in China. In particular, the blockchain IT companies received 222 injections totaling 16.4 billion yuan ($ 2.5 billion). Financing for China’s blockchain sector reached 6.4 billion yuan ($ 1 billion, 141 injections), and online lending platforms raised 10.8 billion yuan ($ 1.6 billion) in the first half of the year.
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