China's Best-Funded Blockchain Startup is Rebranding for Expansion

One of China’s top-funded blockchain startups is rebranding as it eyes expansion into new industries.

The startup, Juzhen Financials, which develops post-trade clearing and settlement solutions using blockchain tech, is now changing its name to Juzix. The news was announced during CoinDesk’s Consensus 2017 blockchain conference, held this week in New York.

In statements, the startup indicated that the new name reflects an expansion of its company goals, one that finds it shifting from purely financial applications to other potential applications of the technology. Representatives for Juzix said aviation and healthcare are two areas the startup is considering for potential entry.

The firm told CoinDesk:

“Our initial company position was an infrastructure provider for large financial institutions. Now we are becoming a service provider and operator for all industries using distributed data exchange and collaborative computation.”

Supporting those efforts is Jason Fang, formerly of Fenbushi Capital, and now Juzix’s new global head of business development.

Work also continues on a joint blockchain platform being developed in partnership with Tencent’s Webank, as well as both the ChinaLedger Alliance and the Financial Blockchain Shenzhen Consortium. According to the startup, those efforts will be made open-source in the months ahead after it is finalized between the project’s partners.

“The source code will first be released to the members of the above two alliances this July, and then scheduled to be released to the public at a later time,” a representative said.

Last September, the firm announced that it had raised $23m in a Series A round led by Wanxiang Holdings.

Paintbrush image via Shutterstock

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