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China Sees More Than 10,000 Newly-Established Blockchain Companies in 2020 So Far

Where China is far ahead from other countries in the development of its Central Bank Digital Currency (CBDC) known as “Digital Yuan”, the country’s blockchain ecosystem is also witnessing a massive growth. According to the data shared by the cryptocurrency and blockchain data platform, LongHash, China has seen the establishment of more than 10,000 blockchain companies in the first seven months of the year 2020 so far.

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10,075 more blockchain companies added into the ecosystem

Since the beginning of the present year, a large number of companies that are centered on blockchain have registered themselves in China so far. Around 10,075 more blockchain firms have been added into the blockchain ecosystem of China during this time period. According to LongHash, this number is more than the total number that was seen in the entire 2017 year as the chart shared by the cryptocurrency data platform in the tweet shows:

Source: LongHash

The chart shows that the total number of registered blockchain companies seen in the year 2017 was less than 9,000. As there are only seven months of this years have passed and there are still five months left, this means that there is the chance of the addition of more blockchain companies in China in the remaining months.

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So, there is likely a chance that China may see 2020 setting a new all-time high in terms of having registered more blockchain firms surpassing the ATH of 2018 which stands at 18,500.

China has 84,410 registered blockchain companies

According to LongHash, currently, the country has 84,410 blockchain-centered companies registered in its blockchain ecosystem. And out of this total number of registered firms in China, only 29,340 blockchain companies are reportedly operating in the country at the moment. With 25,371, Southeast China’s Guangdong Province is on the top in terms of having more blockchain firms while on the other hand, Southwest China’s Yunnan Province has 5,174 firms and holds the second position in this case.

In recent times, China has been working immensely on the growth and development of its blockchain and cryptocurrency sector and has made efforts in a bid to boost the adoption of blockchain technology in the country.

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MubaShar Nawaz

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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