Red Date Technology is at the heart of China's first state-backed blockchain initiative, envisioned as a one-stop hub for developers to build decentralised applications (dapps) for everything. Red Date, backed by the nation's top economic planner, is the mastermind of the undertaking. "It's physically bringing the cloud resources needed online to power global blockchains," said Matthew Graham, CEO of Beijing-based crypto consultancy Sino Global Capital. A former private-equity investor, the 44-year-old He founded Red Date in 2014 with his own money as a tech supplier to Chinese smart-city projects. He said Red Date will not take funding from China's government or state enterprises, preferring to remain independent — even though it works hand-in-glove with a government think tank and two powerful Beijing-backed corporations.

Source: The Edge Markets July 27, 2020 07:41 UTC