Blockchain Laboratory By Newspaper Group-The venture capital wing of the People’s Daily Online, which is the official newspaper of the Communist Party of China (CCP), People Capital, has signed an agreement with Shenzhen-based technology company Xunlei Limited to use its blockchain technology for innovation, to empower the Chinese economy, and the world at large. Hence, It is a deal for strategic partnership on a blockchain laboratory. This was disclosed on Oct. 23, in a press release.

As per the contract, the two companies will construct a laboratory at the People Capital’s Blockchain Research Institute. In addition to researching blockchain applications in various use cases. The partners will also build a “high-level industrial service platform” to organize various fintech events, competitions, seminars, workshops. This is to promote and identify startups within the blockchain industry.

The agreement is a global partnership that was signed in the month of July this year at the China-US Entrepreneur and Investment Summit, hosted by People’s Daily Online, in the United States of America.

 Blockchain Laboratory By Newspaper Group-The People’s Daily Online is the online version of the People’s Daily, which was founded in 1948, and the medium through which the Communist Party distributes its unfiltered views on contemporary events. The publication is widely regarded as the mouthpiece for government policies.

Xunlei CEO Lei Chen’s comments regarding the alliance were that the partnership highlights the company’s focus on research. The development of blockchain-related technologies, and the ecosystem as a whole.

Xunlei Limited is a blockchain infrastructure provider. It started as a cloud computing company before pivoting to the blockchain technology industry; it is also known as the “BitTorrent of China” for developing the Xunlei download manager, a peer-to-peer software that supports HTTP,  FTP, and BitTorrent protocols.

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