Bubi completes 30 million yuan Pre-A round of financing, which will accelerate the entry of blockchain technology into mainstream commercial applications

It is reported that Bubi (Beijing) Network Technology Co., Ltd. (hereinafter referred to as Bubi) has completed a Pre-A round of financing of 30 million yuan in June 2016, jointly invested by mainstream investment institutions such as Qifu Capital, China Merchants Venture Capital, Sinovation Ventures, Wanxiang Distributed Capital, and Jieshi Venture Capital. This is also the largest amount of financing announced in the domestic blockchain field since 2015. Bubi has previously received angel round investment from institutions such as Dianliang Capital and Internet Venture Capital Fund. So far, Bubi has accumulated nearly 40 million yuan in financing.

Blockchain is a distributed ledger technology that supports direct value transfer by establishing multi-centralized trust and achieving bookkeeping that does not rely on a single central institution. Blockchain is considered disruptive because it is the first time that decentralized trust can be established from a technical level. This will become the infrastructure for building a new value Internet network and usher in a new era of value exchange.

In the past year or so, blockchain has attracted much attention at home and abroad and has become the most popular hotspot in the field of financial technology. Dozens of well-known financial institutions, including Nasdaq, Citibank, UBS, Goldman Sachs, Morgan, Deloitte, and Ernst & Young, are carrying out blockchain financial innovation. At the same time, a number of emerging startups focusing on blockchain have emerged. Blockchain also has broad application prospects in many other fields besides finance.

Before finding the right application scenario, you must first have a strong support system. Gu Kai, a partner of Qifu Capital who participated in the investment, said: "Bubi is at the forefront of the industry and has laid a solid foundation for the entire industry. Bubi's most valuable features include not only its underlying technology, but also its business layout. Bubi has launched many products that are combined with other industries."

When talking about investing in Bubi, Gu Kai listed three important reasons in detail:

First of all, we are optimistic about the application prospects of blockchain technology. At present, the influence of blockchain has begun to show, and the scope of application is also expanding. It will usher in an explosive period in the next two years. In the early development of the blockchain field, the construction of infrastructure is the premise of all commercial applications, and Bubi is an industry-leading blockchain underlying technology provider.

Secondly, Bubi's business model has huge room for imagination, and the entry threshold is high. There are successful benchmarking companies abroad. Bubi's team is very excellent. The initiators include senior researchers from the Chinese Academy of Sciences, full-stack engineers from Huawei, former executives of large Internet companies, the world's most authoritative cryptography security experts, and well-known financial experts. At present, there are application cases in many fields including equity and points, and it has gradually started cooperation with mainstream institutions such as banks, insurance companies, and exchanges.

Thirdly, Qifu has a deep layout in the field of industrial Internet. There is a possibility of in-depth cooperation between Bubi and many projects invested by Qifu, such as tax electronic invoices, charity, supply chain, finance, etc. Qifu can bring more value to it in terms of resources.

Gu Kai revealed that in addition to continuing to focus on blockchain's underlying technology platforms and tools, Qifu Capital's investment layout in the blockchain field will also focus on projects that combine blockchain technology with industry, especially industry applications built on the Bubi platform, because after the underlying technology matures, various industry applications will inevitably emerge.

Distributed Capital, a subsidiary of Wanxiang, also participated in the investment. Distributed Capital has focused on blockchain investment since its establishment last year. Shen Bo, one of the founders, gave Bubi a high evaluation: a reliable team and a reliable direction.

As for why he is optimistic about Bubu Blockchain, Shen Bo believes:

I think the most valuable thing is that Bubu is committed to establishing a collaborative partner group based on the Bubu blockchain to build a robust ecosystem together, encourage mutual integration, make progress in harmony, and promote the sharing economy.

Bubi is a leading blockchain innovation company in China, providing commercial-grade blockchain products and industry solutions. It has dozens of core patent technologies and has developed a highly scalable and high-performance blockchain platform. It has the ability to quickly build upper-layer application services to meet the needs of large-scale user scenarios. Bubi founder and CEO Jiang Hai introduced,

The Bubi team is one of the earliest teams in China to engage in blockchain technology research and development. Long before the name "blockchain" was born and entered the public's field of vision, Bubi's core members had already implemented research and development as a "networked trust technology". In the past few years, Bubi has made a series of innovative breakthroughs in blockchain technology, especially the productization of Bubi's blockchain has begun to take shape; at the same time, the Bubi team has explored application scenarios in the industry, and has conducted extensive exchanges with more than 200 enterprises and institutions in more than a dozen industries, and gradually explored some paths for the commercial implementation of blockchain. In fact, today Bubi is just an explorer in the field of blockchain.

Public data shows that Bubi has been engaged in blockchain technology research since 2012. In March 2015, Bubi was established in Beijing and officially started the commercial exploration of blockchain. In December, the first blockchain commercial application case was launched on the Bubi blockchain platform. In March this year, Bubi established a branch in Shanghai to accelerate the layout of blockchain commercial applications.

So far, Bubi's layout of blockchain commercial applications has been fruitful. Since the second half of last year, it has successively cooperated with Sunshine Insurance, Qianxiang Finance, Zhongtuobang, and Zebra Club, actively promoting the commercial application of blockchain in industries and fields such as business points, game coins, game props, prepaid cards, electronic coupons, insurance card certificates, securitized assets, and mutual insurance.

In August this year, Bumeng, a blockchain digital asset platform, was launched, aiming to build a free and open digital asset circulation platform with data as the core. So far, many institutions such as Sunshine Insurance, Qianxiang Finance, Duoduo Coin, and Shubei Wallet have joined.

The core value of blockchain lies in building a trusted multi-center system, thereby improving the efficiency of trust transmission and reducing transaction costs. Bubi focuses on blockchain technology and product innovation. Bubi blockchain has been applied to digital assets, trade finance, equity and debt, supply chain traceability, public disclosure and notarization, data security and other fields. In building a new generation of value circulation network and promoting the implementation of blockchain application scenarios, Bubi is at the forefront of the industry.

Regarding the next plan after financing, Jiang Hai revealed:

The next step of Bubu's development will focus on providing customers with "real" blockchain services. On the one hand, it will continue to improve the productization of Bubu's blockchain; on the other hand, it will work with customers to use blockchain to improve actual efficiency in certain specific application scenarios.