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China sees spike in companies with blockchain in their name
Despite banning crypto exchanges, China wants to be a frontrunner in blockchain technology
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This article originally appeared on ABACUS
Cryptocurrency may be banned in China, but there’s a blockchain boom of sorts happening right now.
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The number of companies with “blockchain” in their name soared in the first seven months of the year, with 4,000 companies registered from January to July 16 -- that’s six times as many compared to the entire year before, according to the South China Morning Post.
In comparison, the US has only 817 -- about a fifth of the number in China.
The China Internet Report 2018 highlights how heavily the country is betting on blockchain: 41% of all startups receiving funding in the first quarter of 2017 were related to blockchain.
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There are now over 17,000 companies that list blockchain -- or qukuailian as it is known in Chinese -- as part of their business activities. But whether those companies actually use the technology is a different story.
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