- China’s Tencent is planning to invest $70 billion in emerging technologies, including blockchain, AI and cloud computing.
- Private and public entities in China are increasingly investing in the blockchain space.
- In April, Alibaba announced a 200 billion yuan (around $28 billion) cloud computing development fund.
China’s Tencent is investing billions of dollars into developing cutting-edge technology solutions, according to Reuters. The company recently revealed its plan to invest 500 billion yuan (around $70 billion) in tech infrastructures like blockchain, AI and cloud computing in the next five years.
The firm appears to be following the lead of many other Chinese multinationals that are looking to transform their technological infrastructure. In April, Alibaba announced a 200 billion yuan (around $28 billion) cloud computing development fund.
Tencent is not particularly new to the blockchain industry. It is part of China’s recently launched national blockchain committee. According to an earlier BeInCrypto report, Tencent also launched a blockchain accelerator for the general public. The $70 billion fund is also part of a growing trend in China where public and private entities are increasingly investing in the blockchain space.
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