Bitmain’s Affluent Co-Founder Establishes the New Crypto Startup Matrixport

Bitmain’s Affluent Co-Founder Establishes the New Crypto Startup Matrixport

We’ve seen the rise and fall of Bitcoin (BTC) many times in the last couple of years, but BTC’s recent resurgence has propelled the origination of a startup that might make a difference in the crypto world. With the hope of capitalizing on the recent rise of the Bitcoin price, the co-founder of the mining giant Bitmain, Wu Jihan, has organized a group to develop “Matrixport,” a financial services startup for cryptocurrencies. According to its…

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China to Accelerate Development of State-Issued Cryptocurrency

China to Accelerate Development of State-Issued Cryptocurrency

Facebook’s Libra has already created a deep impact on regulatory bodies across the United States and Europe. Now, according to a new report, China is also concerned about Libra as it can bring instability to the financial system of the authoritarian state, which pushes it to advance its research of its own state-based cryptocurrency. The People’s Bank of China (PBOC) is going to play a major role in the efforts to develop the country’s own…

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TRON Takes No Responsibility for Related Scam as Angry Protesters and Police Raid Offices

TRON Takes No Responsibility for Related Scam as Angry Protesters and Police Raid Offices

Yesterday, the Twitter user Hayden Otto revealed that TRON is under serious fire: he updated that the Beijing offices of the prominent crypto company behind the TRX cryptocurrency had been filled with police officers as part of a raid. Otto went on to update users that many people were gathered outside the TRON office, protesting and shouting that TRON is a scam. All of this took place after the news broke that TRON failed to…

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A Gamble Worth $14M in Bitcoin Cost a Chinese Trader his Life after Apparent Suicide

A Gamble Worth $14M in Bitcoin Cost a Chinese Trader his Life after Apparent Suicide

A Chinese Bitcoin trader has reportedly committed suicide after he lost his cryptocurrency investment in a highly leveraged trade position, otherwise called a 100x leverage bet. Hui Yi, who was the co-founder and CEO of cryptocurrency market analysis platform BTE.TOP, died on June 5. Hui lost 2,000 BTC in a 100x leverage bet. 100x leverage means that if the Bitcoin price goes up by 1%, the account will be wiped out and all the money…

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Report: More than 50% of Stablecoin Trading Worldwide Comes from China

Report: More than 50% of Stablecoin Trading Worldwide Comes from China

According to a report by Diar, Chinese stablecoin trading and volume account for more than half of the cryptocurrency transactions worldwide. The report comes as a surprise because of a previous report which claimed that some of the western countries were way ahead at least in terms of Bitcoin exchange transaction volume. However, the latest data shows that China dominates the global crypto trading trends. So far this year, the Chinese crypto market has seen…

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China Throws 61-Year Old Grandma in Jail for Stealing Electricity to Mine Bitcoin

China Throws 61-Year Old Grandma in Jail for Stealing Electricity to Mine Bitcoin

China has once again drawn criticism for its harsh measures against members of the crypto mining community after a 61-year old grandma was jailed for stealing electricity to mine Bitcoin. While the crime justifies some sort of penalty, the harsh punishment for the elderly lady was criticized by human rights advocates as efforts to further subdue and scare away the mining community. The 61-year old Qiuping Tang was jailed for four months and fined 10,000…

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Featured: The US-China Trade War and Bitcoin’s Price Spike

Featured: The US-China Trade War and Bitcoin’s Price Spike

There is a theory circulating in the cryptocurrency industry that the escalation of the US-China trade war has caused the Bitcoin price to spike. For instance, the theory was put forward by DigitalX CEO Leigh Travers who believes the spike may be caused by Chinese wealth being pumped into Bitcoin as a ‘safe haven’ due to the current financial insecurity issues between the countries. The US-China trade war has been escalating recently with tensions rising….

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Chinese Construction Company Huatie HengAn Sold at 90% Loss after Secretly Mining Crypto

Chinese Construction Company Huatie HengAn Sold at 90% Loss after Secretly Mining Crypto

Huatie HengAn, a Chinese construction company (and a subsidiary of Huatie) that shifted to crypto mining, was recently sold for only $2 million after having a valuation of $25 million last year, according to Chinese crypto media outlet 8BTC. But what caused this 90% plunge in value? Huatie HengAn was originally a construction company before it decided to try its hand in the crypto space. Huatie HengAn apparently purchased 36,500 “servers” or hardware units from…

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China Leads the Blockchain World with 25% of All Global lockchain Projects

China Leads the Blockchain World with 25% of All Global lockchain Projects

Business organizations of various industries are looking for ways to utilize blockchain technology in their respective industries efficiently and effectively. As a result, a number of pilot projects have been launched either as a joint venture of a government entity and private FinTech firm or as an individual’s practice to provide better services with the help of blockchain technology. The governments of several countries are not holding back in their efforts to find the use…

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Chinese Bitcoin Mining Giant Caanan Secures Several Hundred Million in Funding

Chinese Bitcoin Mining Giant Caanan Secures Several Hundred Million in Funding

Canaan Creative, a Chinese computer hardware company that produces integrated circuits of Bitcoin mining, has raised several hundred million US dollars in their most recent round of funding. The news broke on March 11 after Securities Times, a Chinese financial news agency, announced that Canaan Creative’s company valuation is now over one billion USD. As of September 2018, the Chinese company became the world’s second largest cryptocurrency mining hardware manufacturer, after Bitmain. Most of the…

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