LongHash, the blockchain and crypto data platform, has revealed that China’s blockchain companies have increased substantially in 2020 despite COVID-19, as over 10,000 blockchain companies were established between January and July.
#COVID19 hasn’t stopped China’s blockchain boom. 10,000+ new blockchain companies have been established in the first 7 months of 2020. Number of new companies on track to surpass those established in 2019. Chart 👇 pic.twitter.com/yP6XSeU8bl — LongHash (@longhashdata) August 8, 2020
It has been reported that the current number of blockchain-related companies in China is on track to surpass 2017’s total figure. LongHash said that 2020 could also pass 2018’s total of 18,500 and for a new all-time high.
However, there are 84,410 registered companies and, of these, 29,340 are in operation. The Guangdong Province in Southeast China has the highest number of blockchain startups with Yunnan Province in the southwest coming in second.
The report said that the majority of the blockchain companies registered with only small capital. It shows the maximum registered capital was 5,000 yuan, which is about $717. Meanwhile, only a few of them registered with over 50,000 yuan, about $7,175.
LongHash said more than 10,000 new blockchain companies were established in China this year, on track to surpass 2017, despite the pandemic https://t.co/yMdicpccE1 — Cointelegraph (@Cointelegraph) August 9, 2020
The Chinese government is implementing blockchain for trying to bring more efficient government services.
Thus, the country approved 224 blockchain projects from major companies, including JD, Walmart, China, and Baidu.