Mon, October 03, 2022

Digital currencies and China’s crypto community

Crypto regulations and China

China is a crucial market for any products or services, including digital currencies. Despite all the problems connected with the local crypto market it will be tough to imagine the world without China’s crypto community.

Last month, China’s President Xi Jinping underlined the importance of blockchain technology. He even went further and said that China should play more active on the global stage when it comes to crypto regulations.

This news sparked a huge interest in China, and universities even created special courses to teach about this subject. However, some of the news which comes from China creates questions about the future of digital currencies in China.

Last week, Chinese authorities continued to crack down on the crypto mining companies. Regulators in the autonomous province of Inner Mongolia made a decision to dispatch special units to identify potential wrongdoers.

Due to the problems connected with crypto mining in this province, many companies left the region. Moreover, some of them relocated their businesses to Southeast Asian countries such as Singapore.

These examples show that China has a long way until the Chinese authorities will solve all of the problems connected with digital currencies.

Digital currencies and startupsCrypto market on Friday

Crypto lending startup Compound raised $25 million, and this is great news for this startup.

The compound is a decentralized finance (Defi) lending protocol. This startup raised $25 million in cooperation with the venture capital firm Andreessen Horowitz. The list of the companies which participated in this funding round is also quite impressive. As Paradigm, Bain Capital Ventures, as well as Polychain Capital, provided the funds.

Overall, the company’s assets reached more than $150 million, after the latest funding round.

The CEO and co-founder, Robert Leshner, made a comment regarding this topic. He said that the company is going to spend $25 million to make its service more accessible for ordinary people.

This startup mainly works with big customers. Nevertheless, by the end of 2020, Compound plans to integrate crypto exchanges, wallets, etc.

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