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China Crypto Roundup (Jan.18-Jan.24): Digital RMB Supported by 8 Banks, China’s Blockchain Industry Annual Funding 1.1 Billion Yuan

1. The number of blockchain patent applications in China in 2020 was 8,623, basically the same as in 2019

According to statistics from Soopat, a third-party patent search website, the number of blockchain patent applications in China in 2020 was 8,623, roughly the same as the 8,614 in 2019.

Alipay applied for the largest number of blockchain patents, with a total of 558 related patents applied in the whole year, accounting for about 6.47%. Secondly, it is particularly noteworthy that Ping An attaches great importance to blockchain patents. Among the top 10 applicants in the year, 5 of Ping An’s sub-branches applied for a total of 1,408 related patents, accounting for about 16.33%.

2. Shenzhen distributed 20 million digital yuan red packets for the third time

The Longhua District of Shenzhen, handed out 100, 000 red envelopes with each worth 200 yuan, or 20 million yuan, in a campaign called “Digital RMB Red Packets for Spring Festival” at 9 am on Jan 20.

Spring Festival is an important time for Chinese family union. However, due to COVID-19, more and more local governments in China start to introduce policies to encourage people to stay at where they work, rather than going back to their hometown. Digital RMB Red Packets is one of the policies they take.

3. China’s blockchain industry investment and financing map in 2020: market downturn, the annual funding was only 1.1 billion yuan

In 2020, the overall financing market of China’s blockchain industry is depressed. There were only 81 funding events in the whole year, and the total amount of financing publicly disclosed was 1.112 billion yuan, with the number and amount of financing down 54% and 57% respectively. The amount of financing in the US was 2.57 times that of China in the same period.

The average funding amount for blockchain companies/projects has increased. The average amount of single financing increased by nearly 44% compared with 2019, reaching 41.2 million yuan. More than 86% of the companies/projects have raised more than 10 million yuan.

In 2020, China’s blockchain company/project financing mainly concentrated in Hong Kong, Beijing, Shanghai, Hangzhou and Chengdu; The financing rounds are still dominated by strategic financing, and in addition, more than 40% of the projects are concentrated before the A round.

In 2020, at least 190 institutions and individuals have invested in China’s blockchain industry. Among them, 20 institutions have invested twice or more. Data privacy security technology, technology convergence service and other scenarios are of great concern to these institutions.

4. CCB’s digital RMB wallet already supports binding of bank cards of 8 banks such as China Merchants Bank

The digital RMB APP (Panda) issued by China Construction Bank also supports bank cards of China Merchants Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Postal Savings Bank, Bank of Communications, Bank of China and China Citic Bank.

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