Tencent to Form Research Team for Blockchain Flourishing

Tencent Holdings Ltd., the curator of China’s popular social media app WeChat is all set to put its first step towards the exploration of digital currencies arena and blockchain technology by the constitution of a research group.

According to the latest media reports, the China-based tech giant has notified its elite staff members about its decision to establish a highly qualified group of researchers who will put in their diligent efforts to aid the firm in surviving in the highly complicated blockchain-pegged digital payment niche. The reports suggested that the company officials are currently channelizing a recruitment drive for the appointment of the chairperson of the research group.

WeChat, the social media platform managed by Tencent, is quite popular in the Chinese territory and takes pride in being a strong network of millions of customers. The renowned app was recently in the news when it announced its strategic collaboration with the world’s biggest diamond mining firm, Alrosa, and blockchain solution Everledger. The partnership was focused on unveiling a revolutionary diamond-based retail mini-program for the clients.

Tencent is also the curator of Shenzhen’s blockchain-pegged invoice platform, which facilitated a decentralized mechanism for electronic billing. WeBank, a highly appreciated digital banking platform of Tencent has also garnered a strong customer base for the firm. The bank has established itself as the first technical infrastructure provider for the country’s blockchain ecosystem. It provides loans to small business entities and individuals.

Interestingly, China, which has always kept an eagle’s eye in the movement of the crypto industry in the country, is all set to roll out its native digital currency in the future.