Tencent blockchain investment is coming from a 500 billion Yuan worth of investment fund that has been allocated for the company’s development in blockchain, cloud, and artificial intelligence sector.
In the latest developments, the Shenzhen-based tech giant in China, Tencent recently announced the investment of 500 billion Yuan (worth 70.11 billion U.S. dollars) in the upcoming five years, to develop China’s new infrastructure.
Tencent blockchain investment part of a larger plan
Senior Executive Vice President of Tencent, Tang Daosheng, in the announcement mentioned that the funds would be principally be invested in the arena of artificial intelligence, blockchain, cloud computing, supercomputer center, data center, and quantum computing.
Moreover, he said that in order to boost the industrial technology innovation, the firm would also be strengthening the development of the industrial internet base, industrial parks, and the innovation center.
The tech giant would be leveraging resources from the top experts and laboratories and would be collaborating with the leading universities in China and abroad. In order to establish the research platforms whilst enhancing talent cultivation and industrial research.
Besides the Tencent blockchain investment, Tang also called for the collaborative efforts from online and traditional businesses, research institutions, governmental departments, nonprofit organizations, and the user to create a community of digital ecology in order to put the industrial internet sector of fast track.
The investment is also crucial at the time when China is going into the digital economy with the launch of the Digital Yuan. Per the annual government report, China has committed itself to start fresh efforts for the advancement of the construction of new infrastructure involving the next generational information networks and the 5G applications.