As part of the deal, the fintech will invest USD 30 million in BitFury shares and the setting up of the joint venture. The joint venture will be used to sell BitFurys Bitcoin mining equipment. According to CNBC, BitFury Group provides hardware and software around blockchain technology and this will be its first major venture in China.
A Credit China Fintech representative told CNBC by email that the company was exploring the use of blockchain on some of its fintech platforms, which include peer-to-peer lending and payments services. Furthermore, blockchain has evolved from being a new technology with an abundance of potential to companies, governments and financial institutions looking into a variety of applications for it.
However, it is in its nascent stage, with industry players still experimenting with proof-of-concepts on blockchains various uses and wide-scale implementation still some way off, Ng Zhi Ying, an analyst with Forrester, told CNBC by phone.
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