BaoQuan, a blockchain startup based in Hangzhou, China recently announced they’ve closed a 25 million CNY (3.6 million USD) angel funding. The funding was led by Dingfeng Capital, Yangtze River Delta Research Institute of Hangzhou Branch, Jia Hui Ze Co., and Dr. Lu Chunquan. Already with a 10 million CNY seed round funding secured back in June 2016, BaoQuan has received a total of 35 million CNY (5 million USD) funding to date.
Established in May 2016, BaoQuan is operated by Zhejiang Shuqin Technology Co. Ltd. The company has enjoyed rapid growth as a blockchain-based FinTech company, aiming to offer blockchain solutions for practical issues with more than five years of experience in digital currency and blockchain.
Other than BaoQuan which features electronic voucher and certification service, Shuqin also acquired QianXin, a platform that offers blockchain-based legal authenticity service and a socialized credit rating product.
There has been growing demand for accessing external data from financial institutions and other users. Shuqin Technology developed ShuXin, a blockchain-based platform for mainstream financial institutions in 2017. By merging legal and compliance data from various sources, Shuxin offers big data service in risk-control, anti-fraud, and marketing.
Since foundation, Shuqin has been a breakthrough in a number of businesses:
– Blockchain trust electronic certificate business in various fields: internet, financial, intellectual property, social public service, etc.
– Cooperation with judicial expertise center: Blockchain record & verify.
– Cooperation with Qianmai judicial expertise: the online judicial expertise, service platform based on blockchain, applied in the Zhejiang traffic police system.
– Blockchain+Big data Product: provide risk data source for banks, insurance, and stock markets, etc.
– As a member of Hyperledger Fabric: set up an underlying research team, develop VeraXChain to meet self-demand.
Dr. Wang Maolu, co-founder and Chief scientist of BaoQuan, commented on the funding:
“The positioning of big data + block chains is recognized as an effective path for the development of blockchain by the capital market. The combination of big data and blockchain will be an important engine for the development of the company.”
Speaking of future development, Gao Hang, CEO of Shuqin Technology said:
“In addition to the blockchain plus big data applications, we will soon usher in the booming of opportunities in practical user case. The following 3 core features of blockchain: immutability, distributed ledgers that are transparent and verifiable and traceability will be merged into our product and service.”