China Boasts of Establishing Over 10,000 New Blockchain Companies in 2020

Notwithstanding that the whole world was shut down recently due to the Coronavirus pandemic, it appears that China has scaled higher in terms of the number of Blockchain companies newly established. They have recorded 10,000 more Blockchain companies.

LongHash, a Blockchain and Crypto data platform reiterated this last week on the 8th of August via a tweet that China’s Blockchain industry is witnessing substantial growth regardless of the Coronavirus scourge this year. LongHash revealed that more than 10,000 blockchain companies were established from the period between January and July of 2020.

LongHash made it a point to note that the present number of companies that make money via Blockchain-related services is on it’s way to exceed the 2017’s number of Blockchain companies. From their point of view, 2020’s metrics could even eclipse that of 2018’s aggregate of 18,500 thereby redefining the all-time high standard.

This graphic illustration makes it clear that China has 84,410 Blockchain incorporated companies, and out of these, about 29,340 are a going concern. The Guangdong area in South-east China appears to enjoy the highest number of Blockchain startups. Also, the Southwestern area of Yunnan is the province with the second highest number of Blockchain startups.

This number does not mean that all the Blockchain companies are flourishing. A sizeable number of the startups incorporated with a rather small share capital.One of the most recurrent highest registered capital has been recorded to be 5,000 yuan. This is more or less $717. Only a handful of these startups registered with more than #50,000 yuan which is approximately $7,175.

The Chinese government has also hopped in the Blockchain train and is putting plans and works in place to utilize the nascent technology so as to ensure more proficient government services. Even China’s Central Bank was able to access about $4.7 million as grant for its blockchain exchange for another three years. China has endorsed about 224 blockchain projects from giant companies to wit: Walmart, JD, and Baidu etc.