CHINA, May 13 (Reuters) – China’s largest blockchain mining firm will open a new office in Shanghai in early 2019, its biggest investment yet in a country where the sector is a major industry.
Key points:The firm said its new location will create thousands of new jobs in the mining industryThe firm will invest more than $5 billion in blockchain technology in ChinaThe firm, which has more than 200 employees in the country, said it would be based in Shanghai for at least a year and would create thousands more jobs in a mining industry that has seen its market share grow more than 30 percent since 2016.
The firm would be headquartered in a facility at the Shanghai Technology Industry Investment and Research Center, which is also home to the country’s first cryptocurrency exchange, the Baidu Bitcoin Exchange, which was launched in late 2017.
“The world’s largest mining market, and one of the most profitable, is a very promising sector for us and we are delighted to be joining forces with a leading blockchain technology company in China,” the company said in a statement on its website.
The Shanghai office will be based at a state-of-the-art facility and will create “a significant number of new and permanent jobs in an industry that will be a crucial player in the coming years”.
“We look forward to building on this relationship, bringing more jobs to China, and enhancing our ability to innovate and create value in the blockchain sector,” the firm added.
In early 2018, a number of companies, including blockchain mining and digital currency exchange Coinomi, announced plans to open their own offices in the United States, Canada, Britain and Australia.