Advertisement
China sees spike in companies with blockchain in their name
Despite banning crypto exchanges, China wants to be a frontrunner in blockchain technology
Reading Time:2 minutes
Why you can trust SCMP
0
This article originally appeared on ABACUS
Cryptocurrency may be banned in China, but there’s a blockchain boom of sorts happening right now.
The number of companies with “blockchain” in their name soared in the first seven months of the year, with 4,000 companies registered from January to July 16 -- that’s six times as many compared to the entire year before, according to the South China Morning Post.
In comparison, the US has only 817 -- about a fifth of the number in China.
The China Internet Report 2018 highlights how heavily the country is betting on blockchain: 41% of all startups receiving funding in the first quarter of 2017 were related to blockchain.
There are now over 17,000 companies that list blockchain -- or qukuailian as it is known in Chinese -- as part of their business activities. But whether those companies actually use the technology is a different story.
Advertisement