Crypto in China

The metaverse narrative continues to boil, and the latest mention comes from a point of high authority. China’s biggest city appears to be getting serious about it. According to a CNBC report, Shanghai is eager to tap into the potential of what many believe to be the next-gen internet. Local authorities have issued development plans for the next five years, and one of them mentions the metaverse, according to media reports from China. According to a reported translation of an...

The Chinese government has gone out of its way on the crypto crackdown. Despite this, the industry has evolved tremendously and continues to capture the imagination of many. Joe Tsai, who happens to be the executive vice-chairman of the Chinese e-commerce behemoth, Alibaba Group, is the latest to share his feelings on Twitter in three simple words, saying – “I like crypto.” Tsai is Bullish on Crypto Joe Tsai’s latest comment on crypto has created a frenzy in the...

DeBank – a crypto wallet for tracking decentralized finance applications – recently closed a multi-million dollar funding round led by fintech venture capitalist firm Sequoia China. This brings the defi wallet’s valuation to over $200 million. Debank announced its newly acquired funds in a tweet on Tuesday. Other companies that contributed to the funding round include Dragonfly, Yuobi, and Hash Global. It also featured “strategic investments” from various popular crypto...

Meten Holding Group Ltd. – an English-language training program used regularly in China – has joined a panel of experts to establish a whole new bitcoin mining and research firm. Meten Holding Is Building Its Own Mining Firm The new company will study, build, and sell mining equipment. Among the industry experts that are helping Meten create its new line of business are Mr. Zhijun Liu, VP of Hummingbird Mining Machine, a crypto mining enterprise; Yunning Li, the former...

One of the leading altcoin exchanges in the Chinese region – MEXC Global, formerly known as MXC, revealed that it will be retiring Chinese users’ accounts by the end of December 2021. In a detailed Twitter thread, one of the leading Chinese altcoins exchanges, MEXC Global, which was previously called MXC, announced that it will be retiring the accounts of Chinese accounts by the end of December. The move comes as a response to the fact that the exchange has struck...

Chinese internet behemoths are racing to the metaverse. Baidu, for one, is fairly confident that its metaverse app will take at least six years to fully launch. However, as the tech giant eyes to explore more, it will not add support for digital assets on the app. Baidu’s Metaverse World While speaking at the “Create 2021,” Baidu’s annual developers’ event, Ma Jie, the company’s Vice President, shed some light on the timeline of its immersive digital world ‘XiRang.’ Although...

Ever since the mid-year substantial sell-off, bitcoin miners’ reserves have been gradually rising, and their total holdings have reached a six-month high. Additionally, on-chain data showed that the reaccumulation levels had reached the September highs, right before BTC started to gain value rapidly. Miners Back to HODLing It was back in June this year when most bitcoin miners disposed of significant portions of their holdings in a relatively short period. This had a...

Xinhua News Agency, a Chinese state-run media company, has revealed that it will soon issue China’s first “news digital collectibles” in the form of non-fungible tokens (NFTs), Xinhua Launches NFT Collection In an official announcement on Wednesday, Xinhua will issue a total of 110,001 copies of unique photographs taken by journalists in 2021. According to the announcement, the digital items will be made up of 11 collections consisting of 10,000 copies, each with one special...

China made headlines this year when it decided to end all bitcoin and crypto mining projects within its borders. However, while many of the miners in the country decided to leave or call it quits, there are many others that felt they should stick around and carry out their mining projects in secret. They’re now running an underground mining ecosystem, and they’re hoping every day that the authorities don’t find out about what they’re doing. China Has Ended Crypto Mining,...

Canaan Inc – one of the largest bitcoin mining companies in the world – is now the subject of a class-action lawsuit brought forth by several investors through a Manhattan court. A federal judge has ruled that a Hong Kong couple should lead the securities-fraud suit against the firm even though the filing was delivered late. Canaan Is at the Center of a Heavy Suit The decision was made by U.S. District Judge John Cronan, who believes that Bill Lu and Liyang Huang are the...