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On October 23, People Captial, the investment wing of People’s Daily Online signed a tactical partnership agreement with Xunlei Limited. Xunlei Limited is a Chinese multinational technology company and online service provider founded in 2003. The partnership is aimed at promoting blockchain innovation and encouraging real market blockchain applications into fruition.
Xunlei Limited is a Shenzhen-based technology company who focus on cloud solutions and blockchain technology. The company reported in August this year that they had a revenue of US$78.8million for its first quarter in 2018, a significant rise from the prior year. Most of these profits come from their cloud solutions, but they are quickly becoming world leaders on blockchain infrastructure and solutions.
People’s Daily is the biggest newspaper in China and the official newspaper of the Chinese Communist party. The company has a large-scale Internet-based information exchange platform where news is shared. In 2012 they became China’s first news website to list themselves on the A-share market when the went on the public Shanghai Stock Exchange (SSE).
An initial partnership between the companies was agreed on July 22 this year at the China-US Entrepreneur and Investment Summit which was hosted in Silicon Valley. The laboratory was first agreed at this stage.
Plans for the Partnership
One of the key things to come out of this partnership is a technology innovation laboratory where teams from both companies will work together on blockchain solutions. The lab will function as a space to experiment with different blockchain business scenarios to find viable applications that can be applied to the business world.
Another aim is to analyze the blockchain market, keeping a close eye on blockchain startups they can collaborate with or support to innovate blockchain technologies. This multi-pronged approach to blockchain innovation is strategic and could potentially be very profitable as well as adding significant advancement to blockchain business technologies.
We expect to see exciting updates from this partnership over the coming months and years, as the companies collaborate to advance blockchain technology. It will be interesting to see what the laboratory produces, whether they will innovate new technology through their native teams, or whether they will gain more significant advancements through working with a select group of blockchain startups. There are currently no shortage of blockchain startup companies, with entrepreneurs and engineers alike wanting to be part of the action.