Image Image Image Image Image Image Image Image Image Image Image Image

| July 20, 2018

Scroll to top

Top

China Archives -

China Sends Yuan Lower by Most in Two Years After Trump Criticism

July 20, 2018 |

Hours after President Donald Trump called out the slide in the yuan, China weakened its currency by the most in two years.
WSJ.com: What’s News Asia

China Bike-Sharing Giant Ofo to Shut Most U.S. Operations

July 20, 2018 |

Less than a year after China’s Ofo Inc. entered the U.S. with big ambitions, the world’s largest bike-share company plans to shut down most of its U.S. operations, people familiar with the matter said.
WSJ.com: What’s News Asia

EU Enlists Trade Rival China to Update Global Rules, Counter U.S. Protectionism

July 19, 2018 |

The European Union is pressuring China to open its economy to outsiders and help revamp an international trade system now under fire by the Trump administration.
WSJ.com: What’s News Asia

China Round-Up: Bitmain, Canaan and Ebang Receive ‘Unicorn’ Valuations, Number of DLT Companies Explodes

July 18, 2018 |

China Round-Up: Bitmain, Canaan and Ebang Recieve ‘Unicorn’ Valuations, Number of Chinese DLT Companies Explodes

In recent cryptocurrency news from China, three cryptocurrency mining hardware manufacturers have been valued at more than $ 1 billion USD, Bitmain has supported the launch of a research center for digital financial assets at Tsinghua University, and more than 3,000 companies were found to have registered blockchain-themed business names during the first half of 2018.

Also Read:Powerful Cryptocurrency Firms on the Road Towards Becoming Banks

Bitmain, Canaan Creative, and Ebang Ranked as Chinese ‘Unicorns’

China Round-Up: Bitmain, Canaan and Ebang Recieve ‘Unicorn’ Valuations, Number of Chinese DLT Companies ExplodesShanghai-based Hurun Research Institute has published its Q2 Unicorn Index for the Greater China region, which features cryptocurrencies companies for the first time.

Bitmain is ranked 13th on the list, with Hurun valuing the company to be worth 70 billion yuan ($ 10.3 billion USD approximately). Canaan Creative also holds a significant position on the list, sitting at 32nd (tied with 20 other companies) with a valuation of roughly 20.34 billion yuan (approximately $ 3 billion USD). Ebang ranks 53rd alongside 38 other companies with an approximated valuation of 10.17 billion yuan (roughly $ 1.5 billion USD). All three companies recently indicated their desire to conduct initial public offerings on the Hong Kong Stock Exchange in the coming months.

Bitmain Backs Launch of Digital Asset Research Center at Tsinghua University

China Round-Up: Bitmain, Canaan and Ebang Recieve ‘Unicorn’ Valuations, Number of Chinese DLT Companies ExplodesThe Tsinghua School of Economics and Management has launched a “digital asset research center”, with reports asserting that donations from Bitmain were instrumental in leading to the establishment of the center.

Bitmain has ties with a number of leading Chinese universities, including Tsinghua University. Bitmain has provided sponsorship to the Tsinghua supercomputing team since 2016.

Bitmain also recently revealed that it plans to expand its development center in Israel. The expansion is expected to more than triple the number of Bitmain employees currently located at the facility (15), with the company indicating that it expects to recruit more than 40 additional employees to work at the center.

Over 3,000 Chinese Businesses Register Blockchain-Related Names in First Half of 2018

China Round-Up: Bitmain, Canaan and Ebang Recieve ‘Unicorn’ Valuations, Number of Chinese DLT Companies ExplodesSouth China Morning Post has reported that the number of companies that have registered names including the word ‘blockchain’ between January and July 16th of this year has increased by 500% when compared with the entirety of 2017.

As of July 16th, 3,078 companies had registered names containing the term “qukualian” (the Chinese translation of ‘blockchain’) during 2018, bringing the total number of firms with distributed ledger technology-themed names in China to more than 4,000. By contrast, it is estimated that 817 U.S.-registered firms include the term ‘blockchain’ in their name, with 335 companies donning similar names in the U.K.

Earlier this year, it was reported that Shenzhen Stock Exchange and Shanghai Stock Exchange were moving to crack down on the practice of companies seeking to cash in on the hype surrounding cryptocurrencies and distributed ledger technology. In March, China Money Network reported that “More than 20 listed companies have been questioned by the Shenzhen and Shanghai exchanges about their suspicious speculation on blockchain.”

Do you feel that China will continue to bolster its blockchain industry whilst seeking to restrict access to cryptocurrencies? Join the discussion in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post China Round-Up: Bitmain, Canaan and Ebang Receive ‘Unicorn’ Valuations, Number of DLT Companies Explodes appeared first on Bitcoin News.

Bitcoin News

China Growth Slows Slightly Ahead of Effects From U.S. Trade Fight

July 17, 2018 |

China’s economic expansion slowed a notch in the second quarter, as a top-priority government debt cleanup took its toll even before growth takes an expected hit from a trade fight with the U.S.
WSJ.com: What’s News Asia

China files WTO challenge to Trump’s $200 billion tariff plan

July 16, 2018 |

China announced it filled a World Trade Organization challenge Monday to U.S. President Donald Trump’s proposal for a tariff hike on $ 200 billion of Chinese goods, reacting swiftly amid deepening concern about the economic impact of their spiraling technology dispute.

The one-sentence Commerce…


L.A. Times – Business

U.S. Calls Out China, Russia on North Korea Energy Caps, Urges U.N. Action

July 13, 2018 |

The Trump administration asked a U.N. panel to ban oil-product sales to North Korea this year, calling out China and Russia for exports Washington alleges have often been in violation of sanctions.
WSJ.com: What’s News Asia

After Trump’s new tariff threat, China may either have to blink or widen the trade war

July 12, 2018 |

President Trump’s latest threat of tariffs against China, on imports totaling roughly $ 200 billion, substantially raises the stakes for Beijing and could push the two countries’ trade war beyond the tit-for-tat duties seen so far.

China’s Commerce Ministry said Wednesday that the nation would act…


L.A. Times – Business

China Lets Widow of Dissident Nobel Laureate Liu Xiaobo Leave

July 12, 2018 |

China allowed the widow of Nobel Peace Prize laureate Liu Xiaobo to leave for Germany nearly a year after the dissident’s death, at a time when Beijing is seeking allies in Europe as part of its trade fight with the U.S.
WSJ.com: What’s News Asia