Since the beginning of this year, 714 blockchain firms entered the market in China, according to cryptocurrency data firm LongHash on Jan. 26.
The total number of licensed blockchain firms registered in China is 26,089. Over 28%, of blockchain firms in China are in the province of Guangdong, which is home to the major city of Shenzhen and shares a border with Hong Kong. Both of these cities are known for their tech hubs and initiatives to apply blockchain in civil administration and other aspects of municipal development.
If the average monthly rate of founded blockchain firms remains the same as in January, China would see 8,565 new blockchain-related companies this year.