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Companies In China Are Adding Blockchain To Their Name For Fun


Cryptocurrency may be banned in China, but that isn’t stopping blockchain companies in China from adding blockchain to their company name and description.

So how many is actually a lot?

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.

How is this compared to other countries like US?

It’s only about a fifth of that in the USA. The USA reported roughly 820 companies with blockchain in their name during that time period.

More than just a name..

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.

As of now there are a little over 17,000 companies that are currently listing blockchain in their names.

Pretty massive growth..

What’s even more funny..

New York-based drink maker Long Island Iced Tea announced it was changing its name to Long Blockchain Corp and would start exploring blockchain technology — a move that saw its stock jump more than 200 percent.

And there’s another company that’s creating a blockchain version of a toothbrush. Looks like a lot of Chinese companies are jumping on the bandwagon…

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Wilson

Wilson is a 3x Startup Entrepreneur. He is passionate about the cryptocurrency space. You can catch him tweeting about cryptocurrency often @itswilson8 You can also email Wilson directly at wilson@cryptomenow.com

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