80k Blockchain Firms to be Registered in China

The most of blockchain-related companies - over 20k - are registered in the province of Guangdong in the south-east of the country
27 January 2020   437

The LongHash project, which monitors the statistics of the Chinese blockchain industry, has nearly 80 thousand companies registered in the industry. But only 26 thousand of them are fully engaged.

The largest number of blockchain firms - 22636 - are registered in the coastal province of Guangdong in the south-east of the country. Following are Yunnan with 5301 companies and the Xinjiang Uygur Autonomous Region with 5105 enterprises.

It is noteworthy that a significant number of industry companies are registered in cryptocurrency mining centers, the provinces of Inner Mongolia and Sichuan, - 4,594 and 4,070, respectively.

Despite the fact that Chinese President Xi Jinping in October called on the country to become a leader in the development of blockchain technology, 2019 was significantly inferior to the previous year in terms of the number of new legal companies in the industry - 14014 against 19072.

The amount of investments in the Chinese blockchain sector last year amounted to $ 3.5 billion, which is also almost 50% less than in 2018.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   632

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.