Chinese Blockchain-Firm Xunlei Reports Marked Rise in Q3 Revenue

Xunlei, Chinese desktop software and blockchain technology firm, reported an increment in Q3 revenue, following the introduction of blockchain services. The quarterly results indicate that the company generatednet income of $45.3 million, representing an increment of 1.1% year-over-year. The firm credited $19.8 million of that income to its cloud and Internet value-added services segment, which is an increment of 8.3% over the corresponding period last year.

Lei Chen, CEO of Xunlei gather, expressed that blockchain remains one of the main venture zones for the company, saying:

“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.”

The company particularly said its blockchain board “ThunderСhain,” which has been introduced this year, and lists new blockchain-related collaborations, including an agreement with the biggest media group in China, People’s Daily, which is additionally the official daily news edition of the Communist Party of China. Xunlei, which is popular for its P2P software and BitTorrent client, re-oriented towards blockchain innovation in October 2017.

After a continuous downturn for over two years, the company declared its primary blockchain-driven activity: the Link Token, which could be utilized to pay for some of Xunlei’s services. In no time after, Xunlei turned out to be bthe finest performing stock on Nasdaq, seeing up to 75% increment in shares, as per Bloomberg.

Afterward, in November, Xunlei came under examination from China’s financial controller after a state ban on Initial Coin Offerings (ICO). Subsequently, its shares fell 40%. In spite of the loss, Xunlei proceeded with two new blockchain solutions: StellarCloud and ThunderChain Open Stage. A few months after the introduction, the company’s CEO Lei Chen claimed that in Q2 Xunlei saw a $65.8 million in revenue, meaning a development of over 70% on a y-o-y basis.

In 2018 Xunlei collaborated with People’s Daily to develop a research facility for “technology innovation” at the People Capital’s Blockchain Research Institute. Besides, the two will create a blockchain-driven forum to organize competitions, courses, workshops, and advance and distinguish new businesses within the blockchain industry.

A few crypto-related companies have as of late posted their Q3 2018 reports: Japanese IT mammoth GMO Internet disclosed a “historical performance” of its crypto-related segment, and Canadian Bitcoin (BTC) mining company Hut 8 pronounced a record income of $13.5 million, an increment by 126% compared to the earlier quarter’s income of $5.9 million.

Moreover, Q3 2018 marks greatest quarter for Bitcoin income of Square — a US financial services company that presented Bitcoin back in its Square Cash payment app last year.