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China’s Lucky 8: The Most Innovative People in Crypto

These eight people are quietly shaping and nurturing the future of China’s crypto industry.

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For da bing’s first column of the new year, I wanted to look back at what, for Chinese crypto investors at least, was a very difficult year. Specifically, I wanted to call out the most influential people in Chinese crypto who managed to move the industry forward last year, since they’re the ones who are best positioned to shape and direct crypto in the coming year.

It’s no secret that Chinese investors got rekt during Black Thursday in March, far worse than their western counterparts. They were unable to enjoy DeFi’s summer harvest, and are now holding empty bags as they hope that BTC drops a little so they can buy back in. BTC mining continued its decentralization path, dispersing out of China’s major hubs such as Sichuan, to Europe and the United States. Filecoin mining in China was hyped, halted, launched, mooned, and then settled into its current, more temperate range.

Morale went even lower as Ponzi schemes, such as PlusToken, tainted the industry and further estranged potential investors from considering the space.

And yet, despite a bad year, 2020 also taught the Chinese crypto community a lesson: As a community, our impact will dwindle if we don’t focus on building and nurturing projects that contribute to the long-term advancement of crypto.

Which brings us back to the point of this column: Who are the influencers in China that have been trying to do that? I lurked on numerous WeChat groups and tried to focus on people who are continually cited as the builders and the nurturers. I was also looking for names that are not as well known in the west—so you won’t see the usual suspects such as Bitmain’s Jihan Wu, Binance’s CZ, Huobi’s Leon Li, Wanxiang’s Feng Xiao and dForce’s Mindao Yang. Instead, I picked the top eight—eight, being an auspicious number that means wealth in Chinese.

The Lucky Eight

Pan, commonly known as 彪哥, is chosen not simply because of his influence as a crypto OG, but because of his continuous reinventing of how a mining pool can operate. 

Pan was an early employee at Bitmain in 2014, and later ran BTC.com. He founded Poolin in 2017, a crypto-mining pool headquartered in Beijing. With offices in Sichuan, the center of mining, it quickly became one of the largest mining pools in the world. 

Compared to many Chinese mining influencers who behave more like traditional energy-sector operators, Pan talks and acts like a Fintech entrepreneur. 

In 2020, he expanded his product offerings by releasing Poolin Wallet and Poolin Asset Management. He hired a team of developers and traders to study DeFi projects and managed to garner handsome returns for his customers, while many others completely missed the DeFi train. 

As mining becomes increasingly competitive and margins squeezed, Pan is showing the rest of China’s crypto community how to move from mining to fintech.

Eric Yu, co-founder & CTO Math Wallet

The rise of Math Wallet surprised many. Compared to the majority of crypto wallets that focus on one blockchain, Math Wallet takes pride in being the only wallet that supports over 50 public blockchains.

That’s significant because in China, many investors have shifted their eyes from likes of BTC and ETH to Polkadot, Filecoin, Near and other Layer1 protocols. Instead of installing a wallet for each blockchain, they can just use Math for all of them.

Coming from traditional tech—Microsoft, HP, and Accenture—Yu and his team have tailored Math Wallet for the average retail customer of China. Gamification features such as daily “wheel-spinning,” where users win random tokens, has proven to be a successful customer retention trick. Math has also expanded its market outside of China: 40% of its current users are foreign, with 10% of that group in the States.

Huang is one of the most active crypto VCs based in Shanghai. She joined the firm in 2017 and was made a partner in 2020 and is best known for her investments in Polkadot and Filecoin—way before the two projects boomed in 2020. As a sort of unofficial spokeswoman of Filecoin, she mentors Filcoin’s “Slingshot” accelerator program, and drives Fenbushi’s multi-million-dollar Filecoin ecosystem fund.

There are many China-based investors who are little known by western audiences, of course. Huang is known for communicating her successful bets through her research writing, a rare talent not often seen among Chinese investors. She also represents a growing trend in China where investors are increasingly allocating funds to a multi-chain world, in platforms such as Polkadot and Filecoin.

Diane Dai, co-founder of DODO

Dai is considered the god-mother of DeFi in China. Among other things, she created and curates China’s first DeFi Wechat group, the influential “DeFi The World.”

But Dai isn’t your typical crypto hustler. Her biggest contribution to China’s DeFi circle is not limited to building a DeFi community. By founding DODO, a DeFi project known for its “Proactive Market Making,” she showed how a Chinese crypto team can attract international capital from the likes of Coinbase Venture.

Dai showed the world that Chinese projects aren’t purely speculative. Because of DODO’s success, we saw a new wave of developers and capital flow into China’s DeFi circles.

David White, crypto entrepreneur and developer

White is an investor in and the brains behind YFII. (His nickname is 老白, literally “Old White,” an evolution from his original nickname, “White Noise.”) Based in Beijing, he spent years working as a data scientist at China’s tech giants such as Tencent and Douban.

White’s biggest contribution to Chinese crypto 2020 is his leadership in forking and leading YFII.

YFII could be considered the first successful Chinese DeFi DAO that’s still actively managed by volunteers. It’s been launching new products every month since its inception and collaborating with other DeFi projects like a real, international trooper. White’s leadership makes YFII the best example of how to localize a DAO in the China context: from meme creation to WeChat communication, to token incentivization—and more importantly, to continuous innovation. YFII could disappear one day, but the process of its creation has electrified China’s crypto community.

Suji Yan, founder of Mask Network,

A web3.0 layer that enables users to post encrypted messages, trade tokens and even fiat, Mask’s genius is it’s a simple onramp built atop traditional web2.0 platforms such as Twitter and Facebook.

Mask also plans to launch anITO (Initial Twitter Offering) which allows users to participate in dapps on those social media platforms.

The idea behind Mask is dope: while many are creating new protocols in the hope to lure users to a new community, Yan simply moved his protocol to where users already were, and offered them the world of web3.0 without asking them to move.

Yan’s team is entirely born out of China’s DeFi community. It’s an optimistic sign that talent still exists. Yan represents China’s cyberpunk culture. He is a thought leader in the decentralized network / governance space and. and has the charisma to build aWeb3 Trojan horse.

Colin Wu, Founder of Wu Blockchain

Wu Blockchain is an influential crypt media platform known for breaking news and industry analysis.

For many years, Chinese crypto journalism was dominated by players who have no professional journalism background. They often wrote articles that only serves the purpose of pumping token projects.

Wu is different. Trained as a professional journalist, he has uncovered stories with facts and courage. He was the only Chinese crypto media that reported the Babel Finance scandal, for instance. He was also the go-to crypto-journalist for any topic related to mining because of his excellent sources in the sector.

Wang might be an unfamiliar name in non-Chinese crypto circles but his product, Loopring Protocol, gained traction as one of the earliest DEX on Layer 2, using zkRollup.

Wang has been in the Chinese crypto space since 2016. He launched Loopring in 2017, during the ICO craze, and raised millions. However, he was the rare breed who returned ICO funds back to investors, mindful of China’s sudden desire to regulate crypto.

What remains unchanged is Loopring’s original vision to build a DEX. Due to Ethereum’s clogged network, Wang and the team adopted zero-knowledge proofs to provide a scalable and secure service. In addition, Loopring is building a payment service, and aims to be the crypto Paypal.

What sets Wang apart from other Chinese cryptopreneurs is his persistence. Many projects have risen and fallen as crypto booms and busts. Wang and his team didn’t give up during crypto’s darkest days, nor did they pivot to a direction that caters to short-term gains. Instead, they wanted to build DEX from day one—and that’s what they delivered.

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More Australians Invest In Crypto Than In Gold: Survey

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More Australians are investing in crypto than in gold and silver as per the new poll that we discuss today in our cryptocurrency news.

The survey of more than 2000 Australian investors found that cryptocurrency is a more popular investment than gold and silver but still has a long way to go before it nears the shares. The poll was conducted on behalf of the BTC markets in February and found that 12.6% of the Aussie investors hold BTC or other cryptocurrencies compared to the 12.1% who hold the metals. On the other hand, the stock market is a preferred option for investors with 63.6% holding shares directly and 28.8% investing in managed funds or exchange-traded funds. The property was also a great investment while 18% said they invested in collectibles.

Australian Crypto Adoption, people, report,

Australian crypto investors favor ETH and BTC with 83.2% holding BTC and 42% holding ETH, followed by Ripple, Litecoin, and Bitcoin Cash. The survey shows that about one-third of the crypto investors made their first investment after the COVID-19 induced market crash and the research was backed with a poll revealing that 39% of the respondents found BTC more appealing after the pandemic started.

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Despite other cryptocurrencies rallying to a new high in the recent months, More Australians stated that they have no intention of selling their coins with a 31% of them planning to exit after about three years of holding. Of the 49% that are looking to sell or to take profits, one in five investors wants to reinvest. The biggest demographics of Aussie investors were aged between 25-34 following the ones aged between 35-44. Men accounted for 63% of all crypto investors and one in four earned about $100,000 per year.

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BTC Markets CEO Caroline Bowler noted that older Australians are also investing in crypto with investors 60+ doubling in number in the past few years to make up to 10% of the client base:

 “In the last 12 months, we have seen a shift from 25-45-year-old males to a much broader age group, particularly early retirees who are interested in diversifying their investment portfolio and are catching up with this fastest-growing asset class.”

The research was in line with other polls like the one in December that found almost one in five Australian adults owned crypto last year.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-news/more-australians-invest-in-crypto-than-in-gold-survey/

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Bank Of Korea Chief Executive Says Crypto Has No Intrinsic Value

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Bank of Korea chief executive says that bitcoin and other cryptocurrencies have no intrinsic value while predicting that the high price fluctuations will remain so let’s see what more he had to say in our latest cryptocurrency news.

The head of the Bank of Korea Lee Ju-yeol said that BTC and other major cryptocurrencies have no intrinsic value but he believes that all assets will continue experiencing major price fluctuations. The Bank of Korea chief executive said that Bitcoin as well as other crytpocurencies, don’t possess inherent value and blasted the volatile nature of the digital asset industry. He commented:

 “There is no intrinsic value in crypto assets.”

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Korean exchanges are under scrutiny with the new legislations.

The news report quoted lawmakers asking BOK’s chief, whether the recent surge in the price of the coin is temporary:

 “It is very difficult to predict the price, but its price will be extremely volatile.”

The bank executive said that the recent rally in the BTC price followed by other digital assets could be led by multiple factors and among them, is Elon Musk who invested $1.5 billion. He also outlined that the latest price surge could be a continuation of the institutional investors using BTC as a hedge. Ju-yeol outlined that the bank should not purchase bonds issued by the country’s government directly because it will raise worries about fiscal stability and will undermine the central bank’s trust. The primary cryptocurrency’s volatility was causing plenty of troubles for both retail and institutional investors.

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This type of asset became a stumbling point for many and caused plenty of hesitations in whether to allocate the funds or not. The BTC price managed to make another surge in the past few months and market an all-time high while a few days ago, it skyrocketed above $58K, bringing other altcoins like ETH with it. Almost immediately after the upgrowth, BTC suffered a strong correction and settled around $50k as per the time of writing. As a result, the crypto market capitalization lost about $300 billion in two days. JPMorgan strategists said that the BTC liquidity will bring more problems as analysts from the US multinational banking institution argued that this benchmark cryptocurrency is in a liquidity shortage and warned investors that it will suffer another drop soon.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/altcoin-news/bank-of-korea-chief-executive-says-crypto-has-no-intrinsic-value/

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Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

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Mettalex, a DEX focused on token-based commodities trading, announced today the launch of its decentralized commodities exchange on Binance Smart Chain and Ethereum’s Kovan testnet; with 20 available markets for traders to take tokenized long or short positions in using USDT.

Javelin Global Commodities, a leading trading firm of bulk commodities, will be among the first clients to use Mettalex’s platform to manage risk on commodities exposure.

“We understand firsthand the value that Mettalex can provide to derivatives trading in commodities. Mettalex provides a platform to bring transparency and liquidity to these markets which can be used by participants across the commodity value chain.”
– Peter Bradley, CEO of Javelin Global Commodities

On the Mettalex DEX, traders can use stablecoin collateral to open and close positions across eleven commodity markets, seven spread markets, Forex markets, and the top 100 publicly traded companies from the Financial Times Stock Exchange (FTSE) index.

With data-feeds powered by Chainlink and Fetch.ai oracles in addition to the Davis Index, Mettalex ensures that its position tokens track the most accurate reference price in a long (L) or short (S) exposure at settlement.

“The ability to hedge the numerous recyclables grades and specialty finished products that make for most of the infrastructure around us has long been a need in our industry. The current system provides the industry with less than a handful of instruments and the basis risk and costs are just unworkable for most companies. Mettalex is finally answering the call for a decentralized exchange that can list any commodity. We look forward to providing our price benchmarks on the Mettalex platform to give the manufacturing, demolition, and alloy producing sectors the precise hedging instruments they need.”
– Sean Davidson, CEO of Davis Index

All trades on Mettalex happen within a predetermined price band based on the asset’s historical volatility. The band allows getting exposure at only a fraction of the cost of the traded asset, effectively enabling leverage. Unlike other exchanges, on Mettalex, users can create the markets they need.

The prerequisite is a reliable oracle that the platform plans to make fully customizable. At present, the reference asset price is periodically fed into the system from multiple reference exchanges, including 1,400 proprietary price indexes for free-market recyclable metals and secondary alloys will be made accessible to commodity market participants for the first time.

“A critical byproduct of the Mettalex platform is the transparency it will bring to the pricing data around the world’s most valuable commodities. By making this type of market intelligence and the ability to trade more readily accessible, Mettalex aims to bring one of the oldest forms of trade in human history into the present century. With Mettalex we aim to align the incentives of traders, stablecoin liquidity providers, and physical commodity holders to create a one-of-the-kind tool that is accessible to anyone on this planet, 24/7/365.”
– Mettalex CEO, Humayun Sheikh

The markets now on dex.mettalex.com include:

  • Commodities (butter, steel, copper, iron, aluminum, gold, silver, zinc)
  • The Financial Times Stock Exchange (FTSE) index
  • Synthetic CeFi/DeFi index
  • Synthetic AAVE/COMP and LINK/BAND
  • Crypto and traditional baskets like BTC/TSLA and BTC/XAU
Source: dex.mettalex.com

Source: https://www.cryptoninjas.net/2021/02/26/token-based-commodities-dex-mettalex-launches-on-binance-smart-chain-and-ethereum/

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