Funding for Blockchain and Bitcoin Media in China Skyrocketing Despite Little Track Record

Funding for Blockchain and Bitcoin Media in China Skyrocketing Despite Little Track Record

by May 8, 2018
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Online blockchain media are on the rise in China. According to the statistics by Daily Economic News, 7 blockchain media companies in China raised funding in merely 9 days, between March 1 and March 9.

There was a spate of news of relating to a series of  blockchain media companies raising funds in March, including 5 Bite, Shenlian Finance, Hi Block, 8 BTC, Huoxing Finance, TZ Code, and Tuoluo Finance.

The largest of which, was 8 BTC’s ¥100M (around US$15.7M) series A round, led by Puhua Capital and Funcity Capital, and joined by QF Capital and Bitmain.

23Mio Funding for one new Bitcoin Page

Apart from 8 BTC, other companies are relatively new, but their growth is skyrocketing. Within a month after Huoxing Finance’s launch on Feb 8, 2018, they raised a series A round funding, valued at ¥150M (around US$23.6M). Other companies that raised fundings were also founded less than 6 months ago.

Gungxiang Finance blockchain media

Gungxiang Finance Homepage website

Shi Ching-Wei, the founder of a blockchain media company, Gungxiang Finance, told Daily Economic News that

“There are many investors with abundant funds in the blockchain industry. Media is more important to blockchain projects.”

He said that the quality of content had suffered from the many competitive media in the industry.

“It is going to be a tough year for blockchain media. Everyone is going after the bubble, but most don’t understand what blockchain is.”

From the recent job openings of these blockchain media companies, it is clear that the competition for talent is fierce. With the huge demand for blockchain talents in the market, the shortage of professionals in this industry has been a difficulty for these companies.

 

Featured image via Freepik

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