Huobi Asset Management aims to turn Asia’s grayscale with the launch of four cryptocurrency follow-up funds. The funds comprise one of Bitcoin, one of Ether, a Multi-asset basket of digital currencies and a Private equity fund for mining companies. The aim is clearly to attract top institutional investors to this area with a product they are familiar with. The fund and asset manager was established in Hong Kong, although Huobi has several offices in mainland China. Huobi is the most established exchange in China and ranks second in the global liquidity ranking, only behind Binance.
High volumes and volatility continued to drive the world’s most popular memecoin. On April 28th, the Chinese version of will be searched for on WeChat “Dog coin” They increased by more than 65% compared to the previous day. Shiba, Another dog-themed memecoin was also popular on Chinese exchanges MXC, Gate, Hotbit, LBank and Hoo. These five companies outperformed the centralized exchanges on April 29th. This suggests that Chinese investors are less drawn to fundamentals and continue to invest in a more trend-oriented manner.
Yao Ming tries his luck with the NFTs
The winery founded by the retired basketball star Yao Ming launched an exclusive wine that was paired with an NFT. “Yao Family Wines” released 200 limited edition bottles in the The Chop series. This is a reference to the historic stone seal known as “Chops “used in official Chinese documents or works of art. NFTs are sold on OpenSea for 0.2-0.5 ETH. Yao Ming is currently the executive director of the China Basketball Association and is known for his out-of-court humanitarian work.
Cryptocurrency projects protect themselves from legal problems
After this Five proposed class actions against crypto companies have been dismissed in federal court in New York. various blockchain projects including Tron, You will be able to sleep peacefully. The five disapproved cases were originally filed by disgruntled plaintiffs for misleading investors, engaging in market manipulation, and selling digital assets that allegedly were unregistered securities. The cases against Binance, Kucoin Y. Tron They haven’t been released yet, but given the similarities, they also seem to have a good chance of being released. Tron has mixed perception in China where the Chinese co-founder Justin sun He raised more than one eyebrow with his marketing-focused approach.
China Digital Summit and the digital yuan
Many of the largest Chinese companies and organizations met between April 25 and 26 to discuss the topic of digitization. E-commerce giant JD.com announced that it has paid part of its employee salaries at DCEP, the digital currency of China’s central bank. The company also announced that it is using the technology for certain intercompany payments. JD.com, much like Amazon, is no stranger to blockchain technology and digital currencies. Maintains a blockchain division Who is responsible for a number of projects related to supply chain management and food safety.
Above Ant Finance announced that several private companies had supported the government-led project. Ant group Y. Tencent, The companies that own the two largest private payment processors in the country have joined the project. The smartphone and 5G technology provider Huawei was also named. This will not come as a big surprise as private companies will be ready to act in solidarity with national politics. However, it can provide a clear path to the digital yuan market if it can be integrated with the country’s most popular applications and products.
This weekly roundup of news from mainland China, Taiwan and Hong Kong tries to pull together the sector’s top news, including influential projects, changes in the regulatory landscape and blockchain business integrations.