Chinese blockchain service and product platform Yunphant is set to build a second headquarters for its blockchain operations in the southwestern Chinese city of Chongqing, according to a report by China News.

Fast Facts:

  • Yunphant, currently headquartered in the city of Hangzhou, has blockchain clients that include several Chinese state-owned financial infrastructure companies and banks. Yunphant last year won a blockchain project for China Central Depository & Clearing, a central government-owned financial enterprise funded by the State Council, to provide cross-platform blockchain registration and verification services for credit assets.
  • Like Beijing, Shanghai and Tianjin, Chongqing is administered directly by China’s central government, and the Liangjiang New Area, in which Yunphant is set to build its new HQ, is planned to become a “financial center and innovation hub in the upper Yangtze River region.”
  • On June 7, two central government ministries and commissions jointly issued a document to direct blockchain development, aiming to cultivate 3-5 leading companies and blockchain industry clusters by 2025.