Chinese Internet giant Tencent has launched an accelerator for blockchain companies

Chinese telecommunications company Tencent has announced the launch of an accelerator for blockchain companies, in which it plans to help 30 firms develop blockchain-based solutions.

The initiative was named Tencent Industrial Accelerator. Companies planning to participate in the program must submit an application on the Tencent website by June 6 this year.

At the same time, applications can be submitted not only by nascent blockchain startups, but also by established companies interested in distributed Ledger technology. However, to participate in the program, the firm must pass at least one round of funding.

The selected companies will receive a number of advantages, including the opportunity to learn blockchain from foreign experts, a valuable network of industry colleagues, and 1 year of free access to the Tencent blockchain platform. The cost of participation in the program is about $14,000.

Tencent is actively developing and studying the blockchain and cryptocurrency industry. So, at the end of last year, the Chinese giant created a group to research digital currencies, and the banking division of the company WeBank plans to develop a language for smart contracts for the national blockchain platform in China.