At Least 340 UK Crypto or Blockchain Companies Ceased Operations in 2018, Report Finds

At least 340 cryptocurrency or blockchain companies were dissolved or liquidated this year in the United Kingdom (UK), British news outlet Sky News reported on Dec. 22.

UK crypto companies in 2018. Source: SkyNews

The aforementioned article also reports that last year, the number of companies in this industry that had been liquidated amounted to 139, nearly two and a half times less than this year. Moreover, 60 percent of the companies dissolved this year ceased activity between June and November.

According to the reported data, more than 200 of the now-dissolved companies “were incorporated with Companies House during 2017.” This year, according to the article, newly-registered crypto companies were growing slower than the number of dissolved businesses for the first time.

The data upon which Sky News reportedly based its article has been gathered from OpenCorporates, a website sharing data on corporate entities, and Companies House, the U.K.’s registrar of companies.

The current downward crypto market movement in 2018 has taken its toll on some of the biggest companies in the space as well.

Chinese crypto mining giant Bitmain reportedly closed its Israeli development center in mid-December, laying off 23 employees.

And ConsenSys, a global community made to create and promote blockchain infrastructure and decentralized applications (DApps) closely tied to the Ethereum (ETH) ecosystem, has laid off a substantial portion of its employees.

As Cointelegraph recently reported, the number of employees to be laid off could be anywhere between 50 and 60 percent of the total company’s workforce.

However, Joseph Lubin, the co-founder of Ethereum project and founder of Consensys, has pointed out that the company “remains healthy and is engaging in a rebalancing of priorities and activities which started about nine months ago.”

Also, as pointed out by a recent Cointelegraph analysis — even after the recent slump — a LinkedIn study has down blockchain developers are in high demand on the platform, becoming one of the fastest-growing emerging jobs in the United States.

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Chinese Fintech Incubation Zone Officially Begins Operations in Guangdong Province

The Chinese fintech incubation zone located in the Guangdong province has officially started its operations, Chinese news outlet Chinese Software Developer Network (CSDN) reports Dec. 21.

According to the article, the zone — which officially opened Dec. 20 — has a total area of 120 square kilometers and already hosts the headquarters of over 20 companies. The zone and its administration will reportedly offer the companies project financing, office space and policy guidelines, and will overall “promote the transformation and application of technological achievements.”

CSDN notes that the Guangdong financial high-tech zone will “focus on the major needs and major pain points of the financial [industries] encouraging blockchain and other technologies in finance, manufacturing, trade.” The zone will begin with fostering pilot projects, and then will move forward in order to “culvative a group of blockchain financial technology enterprises and innovation teams.”

In November, the “Guangdong, Hong Kong, and Macao Dawan District Blockchain Alliance” had been established to promote innovation and sustain the development of blockchain tech. CSDN mentions the three districts as areas for expanding the use of the technology.

China, which has long been cracking down on cryptocurrency by banning both domestic and foreign exchanges, and even crypto-related social accounts, seems to be heavily investing in blockchain technology. As Cointelegraph reported this week, a media copyright protection alliance has been created in Beijing to provide copyright protection employing blockchain technology.

Also in December, Shenzhen, a major city in the Guangdong Province and home to the first economic special zone in China, announced that it will use blockchain technology for electronic tax invoices.

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