Chinese technology giant invests in crypto network

With about $15 million, Chinese technology giant Tencent wants to support the crypto network Chainbase. Research into crypto has been ongoing by the Chinese government for some time.

Blockchain dating network Chainbase has raised $15 million in a Series A funding round. Investors included Tencent Investment Group and Matrix Partners China, as The Block reports. As part of the deal, Tencent and Matrix Partners each received a seat on Chainbase's supervisory board.

Chainbase describes itself as an omnichain data network that consolidates all blockchain data on a single platform, making it easier for developers to access and use this data to create and maintain apps.

Tencent Holdings Limited is a Chinese multinational company focused on various Internet and technology-related services and products. Its industries range from gaming and cloud computing to financial services. With a market value of $438 billion, Tencent is the 19th largest company in the world. As early as 2019, the Chinese technology giant is said to have begun research into crypto.