China-based blockchain-related desktop software company Xunlei recently published its Q3 earnings report this week. The report notes that tapping blockchain services has helped the company improve its revenue.
Furthermore, the report shows that Xunlei clocked $45.3 million USD as of Q3 revenue making a 1.1% increase year-over-year. Of this, the company says that its Internet and cloud value-added services attributed $19.8 million. Also, this is an 8.3% growth quarter-over-quarter.
However, the gross profit margin was 52.7% against 35.5% during the same period last year.
Blockchain As the Key Investment Area
Xuneli Group CEO Chen Lei said that the company remains deeply interested in the blockchain industry. As a result, blockchain turns out to be a key investment area for Xunlei.
“We believe that blockchain is a technology that can change our lives, and we will strive to make it available in different areas in a simpler and more cost-effective way,” said Chen.
Xunlei is making strategic partnerships in the blockchain space with a number of other heavyweight organizations. Furthermore, the company continues to get good recognition in the blockchain industry for its persistent efforts.
Last month in October, Xunlei and People’s Network entered a global strategic partnership. In collaboration with the People’s Venture Capital, Xunlei developed a blockchain technology innovation laboratory.
The official press release notes that the “two sides will focus on joint experiments on the underlying technology innovation and application of blockchain, and publish research results on a regular basis.”
Also, in the third quarter, Xunlei bagged the “China Blockchain Technology Demonstration Base” award given by the China Academy of Management Sciences.
Improvements in Xunlei’s Native Blockchain Platform ThunderChain
With the changing industry scenario, Xunlei is bringing several improvements to its high-performance blockchain platform Thunderchain. It has worked towards alleviating the development difficulty of blockchain applications while launching a number of smart contract templates.
ThunderChain also announced its cooperation with other well-known Chinese companies like Kaisa and Caller Technology. These companies together will establish industrial parks across China to develop the Chainlink Entrepreneurship Incubation Alliance and create a blockchain industry ecology.
CEO Chen Lei said,
“In combination with past historical experience, any technological breakthrough is not an easy task. Innovation brings us challenges and opportunities. Recently we have seen the enthusiasm of investors and consumers in the blockchain field. There is cooling down. But in the long run, we are still confident about the future development of blockchain technology.”
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Join our Telegram Group To Stay Up To Date With Crypto News