Chinese Blockchain Companies Exceeds $700 Billion Market Cap

  • In October 2019, Chinese President Xi Jinping announced that China would join the world in the emerging cryptocurrency network.
  • China without any delay joined the blockchain industry with a total market capitalization of $702.26 billion, which is safe to say.
  • China is centralizing a decentralized technology. This requires all nodes using the blockchain’s registration with the government.

Is China’s manoeuvre to master the blockchain, exhibit it’s technological and financial supremacy? Importantly, in October 2019, Chinese President Xi Jinping announced that China would join the world in the emerging cryptocurrency network. A recent report revealed that 247 listed Chinese blockchain companies exceed $700 Billion, Market Cap.

The Emergence of Cryptocurrency Network In China 

Advertisement


The Interlink Pulse Institute (IPRI) released China’s first listed company +blockchain report, “Listed Companies 2019-2020 Blockchain Development Report”. It states, there are 247 Chinese companies according to their statistics, as of May 2020. Moreover, China without any delay joined the crypto industry with a total market capitalization of $702.26 billion, which is safe to say. Approximately 60% (142) of the companies are researching and developing technology. Further, 82% (202) has broadcasted immense development in application adoption, technical upgrades, blockchain services, etc.

Importance of President Xi’s Announcement on Blockchain

The President’s announcement invigorated China’s blockchain advances, where the state supports businesses ventures with easy financing and grants. Hundreds of blockchain projects have been registered as per Chinese regulations with the government including some of the biggest banks and technology companies.

China seems fixated on using the full potential of the Cryptocurrency network. Moreover, various sectors have already started incorporating blockchain mechanisms to drafting invoices, purchase, and shipment of luxury goods, settling disputes, etc. Xi’s announcement came as a beacon of light amidst the previously negative policies. Thus, put a  stance towards the cryptocurrency industry.

What is China Aiming For?

China is centralizing a decentralized technology. This requires all nodes using the blockchain’s registration with the government. Hence, the usual privacy and transparency that comes with cryptocurrency are absent. This indicates that China is aiming high for technological supremacy. Further, this will feed revenues to new emerging business prospects, even though investing large sums into a new tool doesn’t always make it an effective venture. China’s blockchain industry is still in its infancy. Additionally, it seems to be viable without a problem but, the success rate of the ongoing cases is still in the process of being studied and understood.

Hot News

Bitcoin Cash [BCH] Bullish Breakout Seems Real: Indicators Suggests

Bitcoin, the largest cryptocurrency in the world and - by proxy - cryptocurrency market, has witnessed bursts of volatility. Bitcoin Cash’s price has...

Goldman Sachs Contemplate to Launch Crypto Stablecoin

Mathew McDermot, global head of digital assets is currently leading the team at Goldman Sachs responsible for the development of this stablecoin. Stablecoin...

Ripple CEO Brad Garlinghouse Bats For Cryptocurrencies, Opines Governments Are Taking It Seriously

Brad Garlinghouse believes that cryptocurrencies are emerging as a stable and trusted alternative to in fiat currencies. The coin market has witnessed a...

Iran Permits Licensed Bitcoin Miners to Start Operations to Boost Crypto Market

The Iranian government has issued 1,000 plus licenses for cryptocurrency mining as of January. Iran will also provide an exemption of 47% on the...

Ex Goldman Sach Employee Raoul Pal Roots for Bitcoin As Only Asset Worth Owning

  Former Goldman Sach Raoul Pal suggests that Bitcoin is his choice of cryptocurrency for long-term asset allocation. Palis also working on repositioning his...

Top 5 Types of Cryptocurrencies and Their Profit Trends in 2020

A complete lowdown on the cryptocurrencies you should invest in 2020 for high returns. Trading of Bitcoin, Ethereum, and other cryptocurrencies witnessed a surge at...

Partners

RELATED NEWS

Bitcoin Cash [BCH] Bullish Breakout Seems Real: Indicators Suggests

Bitcoin, the largest cryptocurrency in the world and - by proxy - cryptocurrency...

Goldman Sachs Contemplate to Launch Crypto Stablecoin

Mathew McDermot, global head of digital assets is currently leading the team at...

Ripple CEO Brad Garlinghouse Bats For Cryptocurrencies, Opines Governments...

Brad Garlinghouse believes that cryptocurrencies are emerging as a stable and trusted alternative...