Babbitt launches | "Qin Qin Technology" completes Pre A round of financing of tens of millions of yuan, and is expected to be listed in 2020

Babbitt was informed that recently, Zhejiang Shuqin Technology Co., Ltd. (hereinafter referred to as " Shuqin Technology ") announced the completion of a pre-A round of tens of millions of yuan. This round of financing was funded by a number of industry investors, financial industry players and koala funds. Lead the investment, some angel investors follow.

Yu Qinyu, co-founder and CEO of Shuqin Technology, disclosed to Babbitt that this round of financing was started before October 24, 2019. The financing funds have been fully received around the Spring Festival this year. Due to the impact of the epidemic, the announcement was delayed. He said that the financing was mainly used to further increase the investment in research and development of blockchain technology, and to promote existing blockchain application cases to the country and the world.

Shuqin Technology is a start-up company dedicated to the development and application of blockchain technology. It provides blockchain technology services or products to enterprises and governments. It has two major brands: a blockchain-based data storage platform, And the blockchain-based big data exchange platform "Data Finance Platform" has been applied in many fields such as justice, finance, government affairs, and intellectual property.

It is understood that since its establishment in May 2016, Shuqin Technology has completed a seed round of 10 million yuan, led by Dingfeng Capital, Zhejiang Tsinghua Yangtze River Delta Research Institute Hangzhou Branch, Jiahuize, and Lu Chunquan. 25 million yuan angel round financing. So far, the total financing amount of Shuqin Technology has exceeded RMB 100 million.

Talking about financing

From blockchain 2.0 to blockchain 3.0, from smart contracts to industrial blockchains, with the implementation of applications and the formation of consensus, China's blockchain industry is moving toward a fast track for rapid development. Finance, government affairs, traceability, copyright, medical care These are the key application areas of blockchain technology, and a number of blockchain startups with industry influence have been born.

As one of the teams that entered the blockchain earlier in China, the core team of Shuqin Technology has been deeply cultivating in the industry for seven years, crossing the bulls and bears many times and still sticking to it. Yu Xueyu said that after four years of development, the company has determined the focus strategy of " big data + blockchain " and created a combination product system of " security chain + security network + digital financial platform " to form " network construction + data confirmation + Data circulation "complete business closed loop.

When asked about the company's core competitiveness, Yu Xueying believed that there are five main aspects. In fact, these five aspects are also the most valued by investors when investing in investment. He says,

The first is the team . The company has an independent R & D team with a team size of over 150 people and 80% of them are R & D personnel. It has attracted executives and technical experts from technology giants such as Alibaba, Huawei, and NetEase.

The second is technology . The company's independently developed, secure and controllable underlying blockchain platform uses a hybrid chain technology system that is compatible with the technical characteristics of the alliance chain and the public chain. Supports node authorization mechanism, a variety of pluggable consensus algorithms, as well as Turing's complete smart contracts and efficient virtual machines, compatible with national and commercial algorithms.

The third is qualification . The company has successively obtained 12 certificates including "National High-tech Enterprise Certification" and "Double Soft Enterprise Certification". It is the first batch of domestic blockchain information service companies to record. Baoquan Chain obtained "Blockchain Evaluation of CCID Research Institute of the Ministry of Industry and Information Technology" and "Blockchain Test Certificate of the Standard Institute of the Ministry of Industry and Information Technology".

The fourth is an iconic case . In June 2018, obtained the first valid jurisprudence of blockchain electronic certificate in China. The data financial platform is the first provincial level financial platform to fully connect the Big Data Bureau and the bank's private network. Currently, Qinqin Technology is promoting various blockchain application projects in 12 provinces.

Fifth, finance . The company's revenue has broken through ten million yuan for three consecutive years since 2017, showing a nearly multiple increase and achieving profitability. Under the condition that the company's overall financial status is healthy, it is expected that the goal of over 100 million sales will be achieved in 2020.

Yu Xueyue pointed out that at present, Baoquan's certificated data volume reaches 70 million, its core business has millions of users, and it has generated stable cash flow; the digital financial platform has achieved initial landing in financial big data projects, and has generated cash In contrast, the application of the number-Qin hybrid chain BaaS platform is still in the market incubation period. At the current stage, it mainly plays a role in supporting the expansion of security network, security chain users and customers of the digital financial platform.

Talking about the public chain

In addition to the application of the alliance chain, Shuqin Technology has also explored in the field of public chain. In December 2018, the Qin Technology Research Institute released the SimpleChain white paper, which immediately attracted the participation of the open source community. The community developed and launched the first beta version of the main chain in 2019.

It is reported that the SimpleChain main chain has been running stably for one year and four months, and has successively released and iterated the SimPool mining pool, ChainBox cold wallet, SimPlug contract plug-in, Explorer browser, and SimpleNode node client, and has been released by community participants themselves. SimpleNode X1 consumer-grade hardware devices are used to accelerate the processing of distributed accounting. They have also spontaneously formed a number of active communities with more than 40,000 active users on the chain.

As one of the application developers, Shuqin Technology has completed the alliance chain transformation based on the SimpleChain open source framework, and proposed a more compatible hybrid chain architecture. Yu Xueying said,

The governance of the SimpleChain open source community mainly comes from volunteers of the foundation, the technical steering committee, and the founding members. At the current stage of cooperation with Shunqin Technology, before each version is launched, we will send us an invitation to test, we will provide feedback, and SimpleChain will open source. At the same time, they also get corresponding rewards like other developers.

Talking about the future development of the public chain, he believes that the ultimate development direction of the blockchain as an open, open, transparent, and verifiable infrastructure is connected to a large chain network. If the public chain is defined as an open wide-area blockchain network, then in the future, many existing public chains will interact together and form a blockchain network. Just as there are different networking methods in the Internet, adapted to different conditions, they are combined together to form the Internet in a broad sense now.

Talk about listing

The company's listing is considered an important sign that the industry is maturing. In November 2019, the mining machine company Jianan Yunzhi successfully listed on the NASDAQ in the United States, thus becoming the "first share of the global blockchain".

In fact, listing is the business ideal of many domestic blockchain technology companies, including Shuqin Technology. However, for Shuqin Technology, is there an internal and external environment for listing? It remains a question mark to the outside world.

Yu Xuezheng solved this question to Babbitt. He said,

From an internal point of view, Shuqin Technology has the ability to scale up in product iteration, business accumulation, customer resources, etc. In addition, in terms of organizational environment, it is also ready to be a public company.

From the outside, the challenges and uncertainties of the market always exist, but after 7 years of practice, we can be sure that the policy and the market give the blockchain a space that is unparalleled in previous years.

Listing in China is one of the most important development goals of Shuqin Technology. We have made preliminary exchanges with securities firms, law firms, accounting firms and exchanges. The current internal and external environment already exists, and we will make every effort to achieve this goal by 2020. Regarding the future of the industry, he believes that 2020 will be a crucial year for the development of the blockchain industry. Next, it will test the innovative application service capabilities and continuous technology research and development capabilities of blockchain technology service companies. New technology creates new economic resources. New resource allocation requires new rules. Blockchain technology has changed the production relationship of the resource network. It is expected to become the "new infrastructure" of the digital economy. In the future, there may be More explosive fintech companies.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Bitcoin Price Takes a Tumble, Plunges Below $41,000 Is It Just a Bump in the Road or the Start of a Rollercoaster Ride?

Bitcoin Dips Below $41,000, Market Correction Hits Ethereum, XRP, and Cardano with 5% Decline


Cardano Price Prediction: Will ADA Recover Soon?

The value of Cardano has increased by 4% in the last 24 hours, reaching $0.4728 as the cryptocurrency market slowly b...


Cardano (ADA): The Evolution of a Potential Ethereum Killer

Cardano is a cutting-edge decentralized platform powered by a proof-of-stake blockchain, offering robust support for ...


Big Updates, Big Things In Store: Cardano Soars with Bullish Momentum 🚀

A recent Essential Cardano report highlights the latest advancements from Input Output Global (IOG) in the ecosystem,...


Cardano Price Surges 8%: Here’s Why ADA Could Reach New Highs in 2024

In the past 24 hours, the Cardano price has experienced a significant increase of over 8% and is currently at $0.6202...


Cardano (ADA) Faces Price Dip Amid Crypto Sell-Off and Macro Headwinds

On Wednesday, Cardano (ADA) experienced a decrease of 7.5% in value. This cryptocurrency is the driving force behind ...