Chinese blockchain companies raised $1.34 billion in early 2018

17 Jul, 2018
by David Robb
News
Chinese blockchain companies raised $1.34 billion in early 2018

Blockchain companies based in China raised a total of $1.34 billion in funds between the start of January 2018 and the end of April 2018, according to a recent report. This is in spite of the country's strict regulations on cryptocurrency and related activities.

As of the end of April, there are 320 different blockchain firms operating in China. They have now succeeded in maintaining growth for six consecutive years.

Over 70 percent of these blockchain companies were based in either Beijing, Shanghai or Guangdong province. One company, Ping An Insurance’s OneConnect Financial Technology, was responsible for the majority of this funding, receiving a total of $650 million from SBI Investments and IDG Capital.

The Chinese government has recently banned crypto exchanges, and an official has warned against 'mythologizing' blockchain technology. Nevertheless, it seems to be a major growth area for the country's economy.

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