Chinese entrepreneurs registered 714 blockchain firms in China this calendar month, resulting in a total of 26,089 such companies operating in the state.

Co-ordinate to cryptocurrency data firm LongHash on January. 26, the total number of blockchain firms registered in China is 79,556, while 57,257 Chinese blockchain firms also lost their legal status or had their licenses revoked.

From 2009–17, the annual number of founded blockchain firms remained relatively static, before a notable jump upward in 2018.

While it remains to be seen whether funding remains stable for the remaining 11 months of 2020, if the boilerplate monthly rate of founded blockchain firms remains the same as in Jan, China would meet 8,565 new blockchain-related companies this year.

Blockchain firms registered in China per year

Blockchain firms registered in Cathay per year. Source: LongHash

Every bit per the map below, the lion's share, 28.5%, of blockchain firms in Cathay are in the province of Guangdong, which is home to the major city of Shenzhen and shares a edge with Hong Kong. Both of these cities are known for their tech hubs and initiatives to utilize blockchain in civil assistants and other aspects of municipal evolution.

Distribution of registered blockchain firms in China

Distribution of registered blockchain firms in Red china. Source: LongHash

Average funding remains depression

The data besides reveals that over 46% of Chinese blockchain firms have no more than than 5,000 yuan of registered majuscule, which is equivalent to simply under $721. Furthermore, 8.32% of firms have between $721 and $i,442, 26% accept between $1,442 and $7,208, while 9.17% of firms accept $7,208 or more.

This apparent lack of uppercase in the Chinese blockchain infinite is in line with the results of a contempo articulation study by China'southward government-run financial information and media firm Xinhua and financial information platform Rhino Data. The written report states that investment and financing deals in the Chinese blockchain space dropped over 40% in 2019.

Red china'southward official blockchain development efforts

Every bit Cointelegraph reported in October 2019, Chinese President Xi Jinping chosen for the land to accelerate its adoption of blockchain technology:

"We must take blockchain every bit an important breakthrough for contained innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the evolution of blockchain and industrial innovation."

After the announcement, reports suggested that blockchain technology was rapidly maturing in Mainland china as it is increasingly implemented in government projects. The consequences of Jinping'southward talk are far-reaching, every bit some noticed that reports criticizing blockchain technology are at present banned from local media.