China's biggest investment & technology conglomerate Tencent Holdings will invest $70 billion over the next five years in new technology infrastructure including blockchain, cloud computing, artificial intelligence and cybersecurity, Reuters reports.
The Chinese investment giant will especially focus on blockchain, servers, big data centers, supercomputer centers, and IoT.
Even though cloud businesses suffered due to the COVID-19 pandemic, the conglomerate wants to see accelerated cloud services and enterprise software adoption.
In April, Tencent launched Tencent Industrial Accelerator, a program aimed at helping 30 blockchain startups.
The project aims to help 30 startups from the blockchain industry to develop their own solutions based on cryptos' underlying tech.
All companies interested in taking part in the project can submit their applications until June 6.
The accelerator is not only aimed at startups, but also established players can participate. The only condition to be eligible is to have completed at least one funding round.
Last year, the conglomerate said it was planning to open a cryptocurrency-focused research arm.
Liu Feng, Director of the Blockchain Technology Research and Application Research Center of Shanghai University of International Business and Economics said that Tencent's presence might eventually bring a powerful amount of energy and give the market a boost.
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