Benzinga | Mar 17, 2021 08:03AM EDT

ATIF Holdings Reports Initiation Of Research On Development Of Blockchain Technology In Financial Sector In China

ATIF Holdings Limited (NASDAQ:ATIF, &quot, ATIF&quot, or &quot, We&quot, ))), a holding group providing business and financial consulting in Asia and North America, has initiated research on the development of blockchain technology in the financial sector in China to strengthen ATIF's expertise and further our preliminary exploration in the Fintech industry.

Blockchain technology developed at a rapid pace in China during the first half of 2020. According to The Current Status and Prospects of China's Blockchain Development in First Half 2020 published by China Center for Information Industry Development, a total of 8,129 new blockchain-related companies were registered in the first half of 2020 in China, accounting for 20.3% of the total number of blockchain companies. Blockchain-related companies in China have captured the attention of U.S. investors. By the end of 2020, there are approximately 15 blockchain concept Chinese public companies in the U.S. with four listed in the most recent two years which include cryptocurrency mining companies related to Bitcoin and Ethereum.

In recent years, China's blockchain technology in the financial sector developed exponentially, specifically in the enterprise blockchain genre. Studies show that the primary distribution of enterprise blockchain is in the financial space related to securities, corporate finance, digital currency, asset management and etc., accounting for up to 18% in the first half of 2020.

"Through our initial study on blockchain, we recognize that implementation of this technology is most prevalent in the finance industry boasting the most projects and successful practices." said Pishan Chi, Chief Executive Officer and Director of ATIF, "We believe that development and application of blockchain technology in finance can help companies reduce risk control costs and solve financing challenges in more effective ways. We expect our research to create incremental value to our business development, and more importantly, initiate our exploration of the Fintech field."