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Hangzhou Aims To Be The Blockchain Capital of China

Money never sleeps. In China, it’s rephrased as “Blockchain never sleeps”. The internet industry in China has lost their manners. Many famous angel investors, startup star and celebrities shared their insights through a wechat group called “3AM Blockchain”.  Chat-log of the members were shared to other subsidiary wechat groups so that their opinions are digested, debated or even worshiped.
However, FOMO is the most common feeling inspired among general public. And they are not alone. Hangzhou are promoting to get “blockchain” feature, aiming to be the capital of blockchain in China.

On a bigger picture, China has been focusing on the blockchain technology since 2016.

In October 2016, the Ministry of Industry and Information Technology released the “China Blockchain Technology and Application Development White Paper (2016)”. In December 2016, for the first time, the blockchain was written as a strategic technology and disruptive technology into the ” The Thirteen-Five-Year Plan for National Information Industry” issued by the State Council.

According to incomplete statistics by 8btc, as of November 2017, the State Council and nine other provinces, autonomous regions and municipalities like Zhejiang, Jiangsu and Guizhou have released relevant policy on promoting development of blockchain and Zhejiang being the earliest adopter and advocator.

At the G20 Summit in Hangzhou in 2016, blockchain technology was listed as an important topic with inclusive finance. On April 28, 2017, the Global Blockchain Finance (Hangzhou) Summit 2017 was also co-hosted by the Hangzhou Municipal Government. At the same time, the first blockchain industrial park in China settled in the Internet Finance Town in Xihu District, neighboring with Ant Financial, WeBank and Zhejiang University.

In September 2017, the Government of Xihu District rolled out the “Opinions on Building Blockchain Industrial Park in Xixi Valley (Draft)”. Blockchain startups that have settled and registered in the blockchain industrial park would be rewarded and subsidized. Annual reward could be up to 3 million. On February 4 2018, Hangzhou included the “blockchain” in the government work report for the first time, aiming to speed up the cultivation of future industries such as AI, virtual reality, blockchain, quantum technology and commercial aerospace. Local government is optimistic about the blockchain implementation in the government, business, civil and other fields with its authenticity and efficiency feature.

Growing along with the internet, Hangzhou is good for internet startups. Together with favorable policies, blockchain industry in Hangzhou has entered the first tier in the country. According to 8btc, the number of Hangzhou blockchain companies is 10, second only to Beijing’s 14, while Shanghai is 8 and Shenzhen 5 (statistics are for companies, non-profit foundation of public blockchain and exchanges are not included).


When it comes to Hangzhou, Ali Group must be mentioned. From 2016, Ali and Ant Financial started to launch blockchain applications, including the donation platform, email notary, food traceability and medical applications. On November 8, 2017, Alibaba Group, Ant Financial signed a strategic cooperation agreement with the Xiong’an New District. Alibaba and Ant Financial will undertake the construction of the blockchain implementation platform of Xiong’an. In addition, in May 2016, Hang Seng Electronics invested by Jack Ma also invested $ 4 million in Symbiont, a smart contract company.

Although Ali cannot be counted as a blockchain business, the statistics from IPRdaily shows that Ali Group hold total of 49 blockchain patents, number one globally.


Below are some blockchain enterprises based in Hanghzou.


Zhongchao Blockchain Institute 

Full name of the institute is “The Blockchain Institute of China Banknote Printing and Minting”. The entity settled in Hangzhou in September 2017, focusing on technology and applications of the blockchain and digital currency.

According to the Institute’s whitepaper, the platform is an open and trusted registration platform based on independent development. All participants may verify user identity, digital certificate and data storage through blockchain. Enterprise users can can query, verify the ownership of the registration and information disclosure. Through the platform, all participants can cross-certify and circulate the certificate information and digital vouchers, so as to realize the decentralization and mutual trust cooperation among all independent parties. Typical application scenarios include food traceability, publicity of government and enterprises, registration of accreditation certificates, registration of charity funds, registration of identity and authorization, registration of medical big data platforms and registration of vouchers.

Founded in 2011, 8btc is the earliest blockchain information community in China. Chang Jia, founder of 8btc, is a famous science fiction writer who has long been committed to the promotion of technology and theoretical research of blockchain.
On March 16 2018, Hangzhou will host the “2018 Global Blockchain (Hangzhou) Summit”, sponsored by the Hangzhou Municipal Finance Office, 8btc is one of the co-organizers.

Hyperchain Technology

Founded in 2016, Li Wei is CEO of the company. The core technology is Hyperchain, a blockchain platform that provides solutions for digital tickets, data trading systems, supply chain finance systems and securities asset systems.

In January of this year, Industrial and Commercial Bank of China issued an official document saying that Hyperchain has successfully won the bid for its blockchain project. Prior to this, Hyperchain has provided blockchain solution for China UnionPay, Shanghai Stock Exchange, ICBC, Agricultural Bank of China, Zhejiang Bank, Industrial Bank, Everbright Bank, Bank of Beijing and other large financial institutions.

Yunphant blockchain 

Founded in 2014, CEO Huang Butian has authored “Blockchain Decryption: Building the next generation internet based on credit”. Based on Zhejiang University and National University of Singapore, Yunphant Blockchain, a member of the Hyper Ledger Super Account Program, has set up a joint blockchain laboratory in both places and has won the bid for the blockchain anti-counterfeit platform project of Industrial Bank, LOC project of Minsheng Bank, and entered strategic cooperation with Langchao on medical blockchain.


Consenlabs was founded in May 2016 by CEO He Bin. The core product is imToken, a mobile wallet based on blockchain.

Baoquan Technology 

Founded in 2016, Baoquan it is the first chairman of the blockchain laboratory of China National Informatization Promotion Union under the Ministry of Industry and Information Technology. CEO Gao Hang is executive director of China Blockchain Application Research Center and director of Zhejiang Sub-center, member of National Internet Financial Security Technology Expert Committee. He authored “Digital Currency: Bitcoin Data Report and Operation Guide” , “Agile Innovation” , “Blockchain and the New Economy: The Digital Currency 2.0 Era “and other books.

Based on the multi-layer Blockchain storage system, guarantees the uniqueness of data, as well as provides the trustworthy electronic certificate service, which combining the cloud storage technology with SDK packaging technology. All the produced and circulated data could be called via the interface of, and then stored on blockchain with the proof of immutability and traceability, further providing the one-stop data attestation service.

Chunxin Technology 

Chunxin technology was founded in 2016 by CEO Huang Minqiang. Based on independent research and development, the project evolves into GXS, a distributed data trading platform. The company partners with China UnionPay, China Unicom and over 100 subscribers, most of which are loaning platforms.

The GXS APP is similar to the Netease Planet. With built-in mining mechanism, personal info are entered to increase mining power.

Cryptape Technology 

Cryptape is founded by CEO Xie Hanjian. The project released CITA, an enterprise blockchain prototype that is compatible with smart contract of Ethereum in June 2016. According to public reports, Cryptape technology has been working with the banknote smart card Institute of China Banknote Printing and Mint Corporation, IPADS (Shanghai Jiaotong University Parallel and Distributed Intelligence Institute) on building a complete financial instrument system that include issuance, cash discount, transfer discount, trusted collection and other operations.

Fuzamei Technolgoy 
Founded in 2008, CEO Wu Sijin started research on blockchain in 2013. The company holds over 30 blockchain patents. At present, it has officially launched blockchain projects with 3 of the world’s top 500 enterprises, namely Hainan Airlines, Midea Financial and China State Grid.

Canaan Creative 

Canaan, better known as Avalon Miner, is founded by Zhang Nageng. The Company applied for listing on NEEQ in August 2017. According to the disclosed January-April 2017 data, the company’s revenue reached 255 million yuan.

Canaan employ a fabless business model. The company focus on design and sales, while the manufacturing of miners is outsourced.



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