2017 Saw ‘Exponential’ Blockchain Startup Growth, Says China’s IT Ministry

Nearly 40 percent of all Chinese blockchain startups emerged in 2017 alone, according to a new white paper published by China’s Ministry of Industry and Information Technology.

Revealed by the ministry’s Information Center on Monday, the blockchain industry paper indicates that currently China has 456 startups whose core businesses are focusing on blockchain technology development and applications.

While the number of new blockchain firms in 2016 had tripled compared to that in 2015, the year 2017 saw “exponential” growth, it says, with a total of 178 newcomers.

Meanwhile, corresponding to that trend, similar momentum was also seen in equity financing for blockchain startups. According to the government data, currently there are 249 equity financing initiatives that directly relate to blockchain startups, and nearly 100 of them got started in 2017.

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