Shenzhen-based Tencent Holdings Launches Blockchain Accelerator, will Coach 30 DLT Startups

Tencent Holdings Ltd., a Chinese multinational conglomerate holding company whose subsidiaries offer various Internet-related products and services, has introduced a blockchain accelerator program.

Tencent, which is among the world’s most valuable companies and also one of the largest VC firms and investment corporations, says it will mentor 30 companies and help them implement various distributed ledger technology (DLT)-enabled solutions.

The tech giant’s program is called the Tencent Industrial Accelerator. It is currently accepting applications, according to the Shenzhen-based firm’s official website. The deadline or final date for turning in applications is June 6, 2020.

Tencent’s accelerator will take applications from early-stage DLT firms and established businesses that may be interested in offering blockchain-powered products. However, a project or company must have finalized at least one investment round in order to be eligible for the accelerator program.

Tencent noted that certain initiatives will receive special benefits, such as up to four mentoring meetings each year. Selected projects will also get a chance to learn about the blockchain industry overseas, and have the opportunity to network with other industry participants who may share similar goals.

Additionally, program participants will get one year of free access to Tencent’s blockchain-as-a-service (BaaS) solution. The program costs 100,000 RMB (appr. $141,100) for each attendee.

Tencent has reportedly submitted the most blockchain or DLT-related patent applications during the past year (more than 5,800). Alibaba, a leading Chinese multinational technology company,  has filed 470 DLT patents.

Alibaba is now also a part of the Chinese national blockchain committee, which was established  this month. The committee’s other notable include tech giants Baidu and Huawei, and Peking University.

Earlier this month, Tencent announced the expansion of its collaboration with the World Health Organization (WHO) to fight the Coronavirus (COVID-19) outbreak.

Tencent continues to make strategic investment in global Fintech projects. In January 2020, the company contributed to France-based digital bank Qonto’s $115 million Series C round.

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