China’s Blockchain Investments Fell Sharply in 2019

China may have adopted a blockchain uber alles mentality, but their investment figures say differently.

The Coin Telegraph reports that the Middle Kingdom’s total blockchain spending fell over 40% in 2019 versus the year before.

The number of deals also tanked, coming in at 245. That’s nearly 60% less than the number of deals made in 2018.

Both those values however are still significantly higher than those posted in 2017. That year only saw about $1 billion spread in roughly 170 deals.

2019 was also a nasty year overall for blockchain fundraising. Crunchbase notes that total investments in the sector was roughly half of what it was the year before, with even blockchain-loving VCs such as Andreessen Horowitz, Digital Currency Group, and Blockchain Capital sharply cutting back their investments.

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