Xunlei, a company linked to the Chinese blockchain, has revenues of $ 45.3 million in the third quarter

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The Chinese desktop software and the blockchain Xunlei company released its Q3 report on Wednesday, November 14th. According to the report, company revenues increased in 2018 after the introduction of blockchain services.

The report notes that the company's third-quarter revenue reached $ 45.3 million, an increase of 1.1% year-on-year. The company has allocated $ 19.8 million of this revenue to its value added cloud and Internet services sectors, which represents an 8.3% increase over the same period last year.

Lei Chen, CEO of Xunlei Group, said that blockchain remains one of the key investment areas for the company, noting:

"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 cheaper way."

The company specifically mentioned its blockchain platform Thunder–°hain, which was launched this year, and lists the recent blockchain partnerships, including an agreement with China's largest media group, People & # 39; s Daily, which it is also the official newspaper of the Chinese Communist Party.

Xunlei, known for its P2P software and BitTorrent client and particularly popular in China, redirected towards the development of blockchain technology in October 2017.

In those times, following a recession sustained for over two years, the company announced its first blockchain-led initiative: the Link Token, which could be used to pay for some of Xunlei's services. Shortly thereafter, Xunlei became the best-performing Nasdaq stock with an increase of up to 75%, according to Bloomberg.

Later, in November, Xunlei was subjected to the attention of the Chinese financial controller following the state ban on Initial Coin Offerings (ICO). As a result, his actions have fallen by 40 percent. Despite the loss, Xunlei has launched two new blockchain products in the spring, StellarCloud and ThunderChain Open Platform. Several months after the launch, Lei Chen, the company's CEO, said that Xunlei had revenues of $ 65.8 million in the second quarter, which means a growth of over 70% on an annual basis.

As reported previously by Cointelegraph, in 2018 Xunlei also collaborated with the People & # 39; s Daily to build a "technological innovation" laboratory at the Blockchain Research Institute of People Capital. In addition, the two will develop a blockchain-driven platform to organize competitions, seminars, workshops and promote and identify startups in the blockchain sector.

Several encrypted companies have recently released their reports of Q3 2018: the Japanese IT giant GMO Internet has revealed a "historical performance" of its encrypted sector, and the Canadian mining company Bitcoin (BTC) Hut 8 has declared a record turnover of $ 13.5 million, a 126% increase over last quarter revenue of $ 5.9 million.

In addition, the third quarter of 2018 marks the most important quarter for Bitcoin's revenue from Square, a US financial services company that introduced Bitcoin support into its Square Cash payment app at the start of this issue. year.

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