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China The Blockchain Technology Hub?

China has raised $1.18 billion in H1 2019 through token projects, pretty much establishing itself as a blockchain technology hub and currently leads in the use of the innovation. The nation has filed the highest number of blockchain patents globally. This has been the case for quite some time.

In April 2, Blockdata reported that there were 263 blockchain-related projects in China. Apparently, the financial sector is the biggest user of blockchain technology, particularly in asset securitization for banks and brokers.

583 token offerings were launched in 2019’s first half, those Chinese in origin raised the most capital. Chinese projects have so far raised an astounding $1.18 billion, which is 33.2 percent of the money raised from token sales in 2019. This quite surprising since China’s government is primarily viewed as crypto bearish, even though they have their own digital asset in the making.

Blockchain startups have raised $2.26 billion in funding, the majority of that coming from the United States, followed by another upcoming crypto friendly environment Singapore in crypto token sales. The majority of these sales were ICOs (Initial Coin Offerings) followed by IEOs (Initial Exchange Offerings). Since the ICO market collapse, token based funding has taken a hit, but this has seen a rapid growth in IEOs, registering a 6000 percent rise with 123 projects. While these projects have so far gained a massive $1.63 billion, it is only expected to go up with the further decline of ICOs.

Blockchain developers have also been getting support from the Chinese government, as they are greatly attracted to the efficiency and cost saving natures of blockchain. This has led to even the Chinese central bank working on a blockchain based financial solution, getting the go sign from China just this week. China’s taking great strides to stay on top of their game in the evolving financial terrain, something more countries should look towards for inspiration.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.