For the first time in four years, venture investors are backing more crypto and blockchain startups in the U.S. than they are in Asia—a sign that China’s crackdown on alternative currencies has chilled the country’s upstart industry.
Though the country was once a crypto capital, China’s new restrictions on tech companies have driven down the number of cryptocurrency and blockchain startups getting funding, according to year-to-date data collected by research firm CB Insights. Beijing forbid crypto mining and banking operations this spring and then banned all transactions in September, forcing many founders to shutter operations or relocate.
“We’ve basically seen no deals in China,” CB Insights analyst Chris Bendtsen told Bloomberg. “In Asia, the companies are really based in Hong Kong, India and Singapore.”
Continue reading: https://fortune.com/2021/12/01/investors-fund-crypto-startups-us-china/
Though the country was once a crypto capital, China’s new restrictions on tech companies have driven down the number of cryptocurrency and blockchain startups getting funding, according to year-to-date data collected by research firm CB Insights. Beijing forbid crypto mining and banking operations this spring and then banned all transactions in September, forcing many founders to shutter operations or relocate.
“We’ve basically seen no deals in China,” CB Insights analyst Chris Bendtsen told Bloomberg. “In Asia, the companies are really based in Hong Kong, India and Singapore.”
Continue reading: https://fortune.com/2021/12/01/investors-fund-crypto-startups-us-china/
