Chinese Tech Company Tencent Launches Blockchain Accelerator

Tencent, the Chinese multinational conglomerate, announced, on April 29, 2020, the launch of its new blockchain accelerator which is now open to both mature and early-stage blockchain-based startups.

The company specifically mentioned that it is currently looking out for 30 co-builders for the position and has listed down 3 main criteria to apply for the application. 

• The blockchain-based startup needs to have certain technological advantages or must be in the mature stage.
• Must have at least one financing round.
• Personal status for CEO, Founder, Co-founder, COO, and CTO

The last date to apply for the application is June 6, 2020. They have named the blockchain accelerator behind their company's name.

What is it all about?

The 'Tencent Blockchain Accelerator' will allow the selected projects to reap special benefits like four mentoring meetings every year, a rich network of industry experts, and the opportunity to learn more about the international blockchain community.

Apart from all these perks, the selected projects will also get access to Tencent's blockchain-as-a-service platform for free for one whole year. The cost of tuition for this opportunity is RMB 100,000 ($14,150) per person excluding the cost of international visits.

Tencent Blockchain Accelerator will look into interest areas like smart contract security, multi-party governance mechanisms, trusted identity, and consensus algorithms. It will also focus on a number of recruiting areas in blockchain industries that are dealing with data sharing, digital asset transactions, supply chain finance, trusted certificate, manufacturing, agriculture, and public welfare.

Futuristic Outlook of Tencent

Tencent has always been the aggressive one when it came to implementing and leveraging new technologies to make the first-mover advantage in any industry. Blockchain technology is no exception.

As reported by Blockchain.News, WeBank, of which Tencent owns a majority share, is leading the global banking community in banking technology patents jumping ahead of US giants JP Morgan Chase and Bank of America with 632 filed patents in 2019.

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