Venture capitalists’ interest in blockchain is still picking up in China despite the closer scrutiny over crypto-related activities from regulators, and over 40% of the projects that secured funding in Q1 2018 are from blockchain space, according to a report released by Chinese startup database IT Juzi on April 7.

The statistics from ” China Internet Venture Capital Analysis Report for Q1 2018” revealed that 11 out of 12 newly-established blockchain companies have obtained financing in the first three months of the year, in other words, 92 percent of blockchain startups —-launched in the first quarter—-successfully obtained funding during the period.

As a whole, 41% of the projects that secured funding were from the blockchain world. What’s more, most blockchain companies focus on two fields, news media and cryptocurrency.

Specifically, the number of cryptocurrency companies that received investment increased by 83% from the third quarter of the previous year. Most of the investment those companies received from traditional VCs concentrates on the angel round, while the capital they raised from selling virtual tokens accounted for 65% of the total. In addition, a total of 12 blockchain media platforms were funded in the quarter, and this number has already reached three times of last year’s total.

A report published by 36kr Research Institute and the Whale Database in late March showed the top 10 blockchain VCs in China, and mentioned that the total amount of financing related to blockchain industry in 2017 exceeded RMB 1.27 billion and 54 financing cases. In the first month of 2018, the financing volume of the blockchain industry reached 680 million yuan and 19 financing events, which is more than the total number in 2016.

In fact, the first mainstream investment firms to embrace blockchain have already received an impressive gain so far. For example, Bob Xu Xiaoping, founder of Zhenge Fund and a blockchain enthusiast, said that they have earned an average of 7-fold return on blockchain investment over the 2017-2018 period.Thus a number of declining institutions begin to turn to blockchain to seek revitalization.

It is worth noting that the blockchain industry is currently impetuous, but many institutions still turn a blind eye to multiply risks, and continue to increase the investment.

Bitcoin and most of its many descendants suffer big drops since the beginning of 2018 following a series of big blows , and the crypto market seems to enter a “cold winter”.