Chinese Companies Continue with Foraying into Blockchain Space

US startup Monsoon Blockchain has been acquired by Dixintong Technology Group, a subsidiary of China’s leading smartphone retailer D.Phone, in what is deemed as continued efforts by Chinese companies to foray into the Blockchain domain, backed by the call of Chinese President Jinping Xi for companies to seize opportunities in the space.

The value of the purchasing agreement was not disclosed by the two companies, but people familiar with the matter said the deal values the blockchain startup at over $100 million.

The deal will empower Dixintong to explore potential use cases that entail both blockchain and other innovative technologies like 5G and the Internet of Things (IoT), said Dixintong’s Chairman and Founder Donghai Liu.

Monsoon Blockchain adopts an Ethereum-based protocol that aims to use smart contracts to provide a more efficient marketplace for cloud service providers and potential clients. It aggregates prices and collects information about the conditions of data centers across the world, then submits the data to the blockchain network.

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