The9 Limited (ADR) (NASDAQ:NCTY) has announced that it has signed a partnership agreement with Gingkoo Technology Compnay Limited to enhance the blockchain services business. The9 Ltd which provides Internet services will offer the blockchain technology product development services, offshore services, investing, and financing services to all enterprises across the world. Gingkoo Technology, on the other hand, will offer full support of the necessary technical team and other support services to augment The9’s technical and financial resources for the growth of blockchain business.
The blockchain-related technology and applications are growing rapidly and it’s currently believed that the technology behind it is the foundation for the future development of the next generation Internet services. The9 is one of the leading companies in the virtual community in China and beyond. The company launched the ‘Ninth City’ online community service whereby the clients can access the virtual currency to carry out transactions online enabling the easy exchange of social activities such as games, reading, music downloads, among others.
Under the terms of the agreement, The9 will also provide the global enterprises with a wide range of customized services related to blockchain projects including the technical solutions and R&D support. As a result, The9 believes that the revenue collected through the blockchain services will enable it to enhance its subsidiaries through various forms of cryptocurrencies being offered on the market including the Bitcoin, Ethereum, Ripple, and others. Furthermore, The9 would pursue potential investment opportunities in the blockchain showing prospective growth.
The development of the blockchain technology-related services is the first step that The9is planning to invest in. Afterward, the company would gradually pursue other areas such as the blockchain product development, blockchain projects incubation and much more. Recently, The9 Ltd announced its plans to venture into blockchain technology as a new strategy to enhance its future growth. The move by The9 is perceived to be a signal of an ongoing pressure for the company to bolster its collapsing business and the declining financial position.