10,000 Chinese blockchain firms established in 2020 alone

Chinese blockchain firms established in alone

The Chinese blockchain ecosystem is growing at a rapid pace according to statistics provided by LongHash. Reportedly, 10,000 Chinese blockchain firms have been established in 2020 alone.

The nation houses more than 80,000 registered blockchain startups while the number of operating firms is close to 30,000.

10,000 Chinese blockchain firms registered in 2020

As China continues with the development of its digital currency electronic payments (DCEP) program, the country’s blockchain ecosystem is also growing at a rapid pace. The ecosystem has seen the addition of 10,075 new blockchain-enabled companies in the first seven months of 2020.

The number has already surpassed the total figure recorded in 2017 (8,595) and is closing in on the recorded figure for 2019 (13,885). The highest number of blockchain-enabled startups registered in 2018 setting an all-time high record that is yet to be broken.

These numbers only describe firms that are registered and are operating currently.

LongHash noted that there are 84,410 registered blockchain firms in the country, while 60,729 firms have had their legal status revoked. The data also noted that only 29,340 companies are operating in the country.

Distribution

Among the remaining 84,410 registered Chinese blockchain firms, the highest number of companies (25,271) have registered in the Guangdong province. The Yunnan province comes second with 5,174 registered blockchain firms.

Most blockchain companies have registered with a small capital. LongHash noted that nearly half of all blockchain companies have registered with capital less than five million yuan ($717,586). Meanwhile, only 9.18 percent of companies registered with a capital greater than fifty million yuan.

If China’s blockchain push continues to gain traction, 2020 can possibly break the 2018 record of 18,500 registered companies. As Cryptopolitan previously reported, the nation has already started the testing of its DCEP platform before its public launch.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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