Tencent Is Pouring $70B Into New Tech Including Blockchain

Chinese internet giant Tencent is looking to invest heavily in new technologies like blockchain as it looks to move past the effects of the coronavirus epidemic.

It isn't clear how much of the $70 billion investment Tencent will ultimately set aside for blockchain, nor has it elaborated on what specifically it will be investing in.

The news comes a month after China's Blockchain Services Network was rolled out for commercial use.

Blockchain is a critical part of the country's tech strategy, and the government hopes BSN will form the backbone infrastructure for services that leverage the technology all around the country.

Speaking to CoinDesk at the weekend, he explained this unambiguous approach has helped create a "Good environment for blockchain technology," improving China's credentials as an innovation hub and leading to the emergence of a vibrant blockchain investment scene.

Tencent has gradually increased its exposure to blockchain.

It's also become a member of a new national committee to help set industry standards for blockchain technology, along with several of its competitors.

With blockchain being a state-sanctioned technology in China, and with the infrastructure for a whole host of new services - the BSN - having already launched, it should really come as no surprise that Tencent has opted to set aside potentially billions of dollars for investment in the emerging technology.

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