Tencent Launches Blockchain Accelerator As China Continues To Foray In The Industry

The project goes by the name Tencent Blockchain Accelerator. It is to be a highly important gear-wheel in the Tencent Industrial Accelerator’s endeavor to boost the digital service in the future.

Blockchain Accelerator to Mentor 30 New Applicants

Launching the daring project, Tencent is aiming at 30 blockchain-oriented companies, developing and providing the necessary tech activities. The multi-dimensional service platform is based on technology, scenarios, business opportunities, and is created to achieve strategic planning, pushing and preparing companies for the industrial environment.

The program is already announced on the company’s website, and interested firms and projects have time until June 6 for their applications.

The Benefits

As pointed out on the company’s website, the perks will consist of professional personal counseling four times per year, plus one-time per year in-depth info on the blockchain business overseas, including a valuable list of similar peers in the business. The approved projects will also have the opportunity to get free access to Tencent’s blockchain-as-a-service platform. The program tuition fee is RMB 100,000 per person or about $141,100.

During recent years Tencent has backed up numerous blockchain projects in China. Last year it filed over 718 out of total 5800 blockchain patent applications. The company was also included in China’s newly formed National Blockchain Committee, along with serious members such as Alibaba, Baidu, Huawei, etc.

Tencent’s accelerator will push and help both beginners as start-ups, along with already established firms, aiming at the blockchain industry. An essential condition is that all applicants have to be with at least one completed blockchain project round behind their backs to be funded.

China Approves a Number of Blockchain-Related Projects

Recently, the country gave the green light to 224 blockchain-related applications, 40% of which are from Beijing. According to recent announcements, the upcoming projects include big-name brands like Walmart China, Baidu, Suning, JD, China Merchants Bank, and China Mobile. Fifty-three of the approved projects were listed under the label “fintech,” which happens to be the largest category among applications.

As planned, the accepted endeavors will soon go into production.

Meanwhile, the whole blockchain environment and the urge to advance the industry in China is growing with the help of the state, hinting that the country bets high on technological innovation, especially after the National Blockchain Committee foundation.