Chinese giant Tencent launched own blockchain accelerator

by in Blockchain News

Tencent blockchain accelerator

Tencent technology company plans to oversee the development of 30 companies as part of the launched blockchain accelerator. It is reported by The Block.

Participants can be both start-ups and existing companies. The selection criterion is the presence of at least one completed round of financing and blockchain as a key area of work.

Selected projects will be able to count on four annual meetings with curators, an exchange of practical experience with other industry participants both domestically and abroad.

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Startups will receive a year of free access to Tencent's “blockchain as a service” service and will be able to save 100 thousand yuan (about $14,120) per specialist. Applications for participation in the accelerator can be submitted until June 6.

Tencent is one of the leaders in introducing blockchain in China. Last year, the Internet giant filed 718 out of 5,800 applications for blockchain patents. Top managers from Tencent have joined a special committee tasked with developing national standards for blockchain technology and distributed ledger technology. The company will also take part in testing a digital currency payment system in China.