At a recent conference in China, a senior WeBank executive spoke about the potential for an “Open Consortium Chain 2.0” to target the opportunities of web3. China doesn’t support cryptocurrency or public blockchains, but WeBank is keen to shift from permissioned consortium blockchains to blockchains “with a public spirit.”
WeBank is one of China’s biggest digital only banks and was founded by Tencent, the owner of the pervasive WeChat app. However, its current stake is around 30%.
Its permissioned WeBank blockchain has processed more than 400 million transactions and averages 300,000 daily transactions, according to the Shenzhen Securities Times. It has 30 or so blockchain applications.
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