Tencent and Huawei, two major Chinese tech giants, are making notable strides in the Web3 space despite the country’s stringent regulations on cryptocurrency trading. At the Staking Summit in Istanbul, a two-day conference featuring top minds in proof-of-stake (PoS) protocols, Tencent and Huawei exhibited their booths alongside industry professionals, according to a recent report by TechCrunch.
Over the past year, Chinese tech giants like Alibaba, Tencent, and Huawei have been increasingly visible in various crypto events worldwide, either as official sponsors or discreet attendees. Although their participation lies at the intersection of Web2 and web3 due to China’s cryptocurrency ban, these companies are leveraging their computing resources to cater to web3 startups, similar to how they provide cloud services to established tech verticals.
“As underdogs in the global cloud market, Chinese firms are far more proactive and accommodating with customers because they lack brand recognition, especially in the West,” the report said.
