Blockchain winter? Bird’s eye view of its startup scene in China

While cryptocurrency is plunging like hell and ICO is shattering into pieces, the much-hailed blockchain technology which is the backbone behind all these has lost its steam as well.

According to the latest report from iyiou, it is estimated a total of 615 blockchain startups still alive in the country. The startup growth suddenly jumped to the peak during 2016-2017 when the bitcoin value was skyrocketing, but it has substantially reduced in 2018.


Today its ecosystem looks like below according to the report and is divided into four major categories:

  • Industry application: accounts for 366 startups, and as expected 50% of them fall under the sub-category of finance
  • Technology expansion: a sum of 96 startups; the most popular subcategory is the solution provider followed by data service
  • Media/Community: 119 startups
  • Infrastructure: 34 startups


Between 2018 Q1 and Q3, the blockchain investment value in China is estimated to be USD 1.7 billion for a total of 323 deals. Most are very early stage, almost 60% of them just received seeding or angel round. The funding usually goes to finance or media-related startups.

There should be about 608 institutions have participated in the blockchain investment in China. However, only 75 institutions can be considered as the active investor in the field, in terms of investment frequency greater and equal to 3 times.


By: Cecilia Wu