Cryptocurrency's like Bitmain, Canaan Creative, and Ebang Ranked as Chinese ‘Unicorns’
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Cryptocurrency’s like Bitmain, Canaan Creative, and Ebang Ranked as Chinese ‘Unicorns’

In recent cryptocurrency news from China, three cryptocurrency mining hardware manufacturers have been valued at more than $1 billion USD, Bitmain has supported the launch of a research center for digital financial assets at Tsinghua University, and more than 3,000 companies were found to have registered blockchain-themed business names during the first half of 2018.

Shanghai-based Hurun Research Institute has published its Q2 Unicorn Index for the Greater China region, which features cryptocurrencies companies for the first time.

Bitmain is ranked 13th on the list, with Hurun valuing the company to be worth 70 billion yuan ($10.3 billion USD approximately). Canaan Creative also holds a significant position on the list, sitting at 32nd (tied with 20 other companies) with a valuation of roughly 20.34 billion yuan (approximately $3 billion USD). Ebang ranks 53rd alongside 38 other companies with an approximated valuation of 10.17 billion yuan (roughly $1.5 billion USD). All three companies recently indicated their desire to conduct initial public offerings on the Hong Kong Stock Exchange in the coming months.

South China Morning Post has reported that the number of companies that have registered names including the word ‘blockchain’ between January and July 16th of this year has increased by 500% when compared with the entirety of 2017.

As of July 16th, 3,078 companies had registered names containing the term “qukualian” (the Chinese translation of ‘blockchain’) during 2018, bringing the total number of firms with distributed ledger technology-themed names in China to more than 4,000. By contrast, it is estimated that 817 U.S.-registered firms include the term ‘blockchain’ in their name, with 335 companies donning similar names in the U.K.

Earlier this year, it was reported that Shenzhen Stock Exchange and Shanghai Stock Exchange were moving to crack down on the practice of companies seeking to cash in on the hype surrounding cryptocurrencies and distributed ledger technology. In March, China Money Network reported that “More than 20 listed companies have been questioned by the Shenzhen and Shanghai exchanges about their suspicious speculation on blockchain.”

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