The Chinese government banning Chinese residents from participating in ICOs and accessing crypto exchanges lends to the conclusion that bitcoin would soon be dead in China. But recent business moves seem to suggest that large players in the Chinese crypto industry are advancing their reach and planning to flourish their crypto business.
Here are a few I’ve found:
1. Binance Is Likely Starting a New Crypto Startup
Binance has grown to be one of the top exchanges for crypto trading. Their focus isn’t so much on bitcoin, but on alts – with special attention given to Chinese cryptocurrencies and tokens.
Around the second week of this January, it was revealed that Binance bought the internet domain CryptoWorld.com for $194,888. (For those of you who don’t know, internet domains are the addresses you type into your browser. You build a website on an internet domain – without the domain, there can’t be a website.)
The owner of Coin.Life also discovered that Binance had offered to buy their domain, but didn’t like the owner’s price. But this domain’s price tag was only in the mid-thousands.
Why Binance would purchase a domain (without a website) for the price of a modest home in the U.S. is something that can fuel tremendous speculation. Binance may be bringing in millions or more in net revenue from their hot exchange, but this is still a significant amount to pay for a simple domain.
They could be planning anything from a global cryptocurrency exchange with a focus on a different set of alts, or even the development of a new blockchain with the purpose of decentralizing a major industry.
2. Alibaba Launches a Crypto Mining Platform
Alibaba is a huge marketplace and tech company in China. In the dawn of these new crypto Chinese regulations, they actually launched a crypto cloud mining platform called “P2P Nodes.” Their tentative plan seems to be to loan high hashrate space to clients.
China has started gradually disallowing crypto mining by putting limits on electrical and land usage and increasing taxes with the surface reason of wanting to protect the environment.
Undaunted, Alibaba is securing partnerships with electrical suppliers for its new mining platform.
3. Shenzhen Luxury Car Dealership Starts Accepting Bitcoin
A luxury car dealership in Shenzhen had its pictures posted on cnLedger’s Twitter of luxury cars next to sign stands with price information and available methods of payments in Bitcoin, Ethereum, and Bitcoin Cash. (Sadly, the picture from this tweet shows a Ferrari and not a lambo :/)
Despite the fact that cnLedger is located in China, you can see their daring caption challenging the government’s crypto ban.
4. China’s Cheetah Mobile Just Entered The Crypto Industry
Cheetah Mobile is a Chinese tech company that focuses on providing premium mobile apps. Their revenue is in the hundreds of millions of dollars.
They’re now officially dabbling in crypto – they released their SafeWallet app around the first week of February, which was a time of a heavy crypto ban atmosphere in the country.
5. Meitu Announces Bitcoin Prize for Its Celebratory Meeting
Meitu is a mobile phone manufacturer, but also one of China’s top beauty app developers. There are pictures of Meitu hanging a large bitcoin logo at the front of the room of their yearly celebratory meeting.
Again, this is happening during the backdrop of major crypto bans in China.
These developments tend to the conclusion that crypto is not slowing down in China, and companies are not intimidated by governmental bans. If this keeps up, there could be a boost in bitcoin popularity in China.