26 Sep Thoughts on Polymath Network and China
With the globalized nature of blockchain technology, many blockchain startups are not satisfied (or cannot be satisfied) with only staying in one region and Polymath, as the company leading the security token revolution, feels this way.
In this article, we focus on discussing the Chinese blockchain landscape, the obvious differences in how businesses operate in China vs the rest of the world, differences in culture, the legal systems, users habits, etc. It is vital to have a globalized team which Polymath is determined to build.
Doing Business in China
China is becoming one of the biggest economies in the world and the Chinese are important players in bringing blockchain technology forward in mining, investment, exchanges, developer communities, etc.
China is a mysterious place to go to for a lot of people and companies. It is indeed not the easiest market to reach as China is a ‘guanxi’ (relationship) based economy. The key is to know the right people and hire the right talents to help execution. Polymath understands the importance of building partnerships with influential local companies with good reputations that are determined to contribute to the security token ecosystem. Polymath is actively having discussions with legal parties, leading Chinese projects, exchanges, and marketing firms to understand the market and identify quality partners. We understand in this fast-paced blockchain space that time is an asset and building partnership allows each company to utilize each other’s strengths and therefore accelerate their progress.
Chinese people are also extremely hard working. There is a Wechat group named “3 am never sleep group” started by the most influential leaders in the blockchain space. It is really not just a saying. People do work hard and sleep little, everyone sees the exciting opportunities brought by blockchain, and everyone wants to be part of the next unicorn. With that, communication is very easy because people often stay online 16 hours per day. It is important to note the communication style with Chinese is often fairly indirect. For example, instead of saying “I am not interested”, it is more common to say “Let me think about it”, so how to read subtle responses will be something to learn before working in China.
The service fees in China (at least in the blockchain industry) are higher than most parts of the world, so it is VERY important to shop around and compare different quotes and conduct due diligence before engaging any service provider. It is also very common to negotiate the service fee, so it will be helpful to build a good connection with them.
There are two main groups in the Chinese crypto circle. Namely: “altcoin circle” (investors in cryptocurrencies) and “chain circle” (developers and enthusiasts) and the first group is of the majority. There are a significant amount of investors with a gambling mentality and they focus on short-term returns. The number of participants in this camp has significantly declined over the last few months after the ICO bubble.
Leading Security Token Revolution Globally
In Polymath’s case, we are determined to build a product that is global in nature and works across jurisdictions, with issuers configuring their tokens and STOs to fit their own, localized needs.
After all, the success of Polymath will be attributed to local communities. In long run, community members can initiate actions like creating localized promotional materials, organizing local events, being local ambassadors, and gathering local talents from every corner of the world!
Polymath’s Presence in Asia
The Polymath team has just returned from Asia where we educated audiences on the true potential of security tokens and it has been a huge success interacting with the local enthusiasts about this the upcoming stampede of security tokens. Stay tuned for more news regarding the trip, and Polymath’s continually growing global presence.