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Chinese tech giant Tencent launches blockchain accelerator program

·1 min read

Chinese tech giant Tencent has launched a blockchain accelerator, and it plans to mentor 30 companies developing blockchain-based technologies and services.

Called Tencent Industrial Accelerator, the program has now begun taking applications, according to the company's website. Interested projects have until June 6 to apply.

The accelerator is open to both early-stage blockchain startups and established companies looking to pivot to blockchain technology. But a project needs to have already completed at least one round of funding to be eligible.

Tencent said that selected projects will get a number of benefits, including four mentoring meetings per year, the opportunity to learn about the industry overseas, and a valuable new network of industry peers. They will also gain one year of free access to Tencent’s blockchain-as-a-service platform. The cost of the program is 100,000 RMB (about $14,120) per person.

Tencent has been at the forefront of blockchain technology development in China. According to research by The Block, Tencent filed the most blockchain patent applications last year – 718 out of over 5,800 in total – followed by Alibaba, which filed 470. The company was also included in China’s national blockchain committee announced earlier this month, joining other prominent members Baidu, Huawei, and Peking University.

Correction: This report has been updated to correctly reflect the dollar amount and the total number of blockchain patents filed by Tencent.


© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.