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Binance and Bitmain Invest in Promising Chinese Crypto News Platform: Bloomberg

  • Yuri Molchan
    ๐Ÿ“ฐ News

    Malta-based crypto giant Binance has conducted its first important investment in China after leaving the country a few years ago over the crypto ban

Binance and Bitmain Invest in Promising Chinese Crypto News Platform: Bloomberg
Cover image via news.u.today
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As reported by Bloomberg, the crypto exchange Binance is back to working with China after withdrawing from the country in 2017 when the local government imposed a ban on the crypto industry.

Curiously enough, Binance has taken part in an investment round of a crypto news platform that it believes to be promising.

Binance, Bitmain are supporting a crypto news platform

The recent funding round for a crypto news platform Mars Finance, during which the firm was valued at $200 mln, attracted Binance and Bitmain, co-founded by Jihan Wu, and other companies, including Ceyuan Ventures.

This investment is the first one in China that is of strategic importance since Binance left the market in 2017 when the crypto ban was imposed on the local ICOs and crypto exchanges.

As reported earlier by U.Today, these days, the Chinese government seeks to restrict crypto mining as well.

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Mars Finance supported by other crypto exchanges

The head of Binance, CZ, chose Mars Finance for investing since he believes the startup to be fast expanding and increasing its influence.

During previous investment rounds, Mars Finance caught the eye of two other crypto exchanges โ€“ OKCoin and Huobi.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. โ€˜Hodlsโ€™ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    ๐Ÿ“ฐ News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fedโ€™s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fedโ€™s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

โ€œIt is inevitable. I think it is better for us to start getting our hands around it.โ€

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of โ€‹โ€‹creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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