Huobi Asset Management appears to be a gray area in Asia with the release of four cryptocurrency tracking funds. The funds include the Bitcoin Fund, the Ethereum Fund, a multi-asset basket of digital currencies, and the Private Equity Mining Fund. The goal is clearly to get large institutional investors into a room with a product that looks familiar. The money and asset management company is headquartered in Hong Kong, although Huobi has many offices in the mainland. Huobi is the most well-established exchange in China, and it ranks second in the global liquidity rankings after Binance.
DOG Emania continues
The world’s most popular mimecoins have persisted with high volumes and high volatility. On April 28, searches for the Chinese version of the Dog-coin on WeChat increased by more than 65% from the previous day. The Shiba, another dog note, was also popular on Chinese exchanges MXC, Gate, Hotbit, LBank and Hoo. These five held the leading positions in terms of the volume of centralized exchanges on April 29. This indicates that Chinese investors are less attracted to fundamentals and continue to invest in a more modern way.
Yao Ming is betting on the NFT
The winery, founded by retired Chinese basketball star Yao Ming, has produced exclusive wines with NFT. Yao Family Wines released 200 limited edition bottles called The Chop. This is a reference to the historical stone seals known as shards, which have been used in official Chinese documents or artwork. NFTs are currently trading in OpenSea at 0.2-0.5 ETH. Yao Ming is currently the captain of the Chinese Basketball Association and is known for his humanitarian work off the field.
Cryptocurrency projects are turned upside down
After five proposed class-action lawsuits against crypto firms were rejected in federal courts in New York, a number of blockchain ventures, including Tron, will find it a little easier. The five rejected lawsuits were originally filed by plaintiffs, who were angered by misleading investors involved in market manipulation and selling digital assets that were allegedly unlicensed securities. The cases against Binance, Kucoin, and Tron haven’t been dismissed yet, but given the similarities, they seem to have a good chance of getting fired as well. Tron is controversial in China, where Chinese co-founder Justin Sun has caused some surprises with his strict marketing approach.
Digital China and Digital Yuan Summit
On April 25 and 26, several major Chinese companies and institutions gathered to discuss the issue of digitization. E-commerce giant JD.com announced that it paid a portion of its employees’ salaries using DCEP, the digital currency of the Chinese central bank. The company also announced that it is using the technology for separate payments between companies. JD.com, similar to Amazon, is no stranger to blockchain and digital currencies. It supports the blockchain division responsible for a number of projects related to supply chain management and food security.
At the summit, Ant Finance announced the support of a number of private companies for the government-led project. The project involves Ant Group and Tencent, the two companies with the largest private payment systems in the country. It is also called Huawei 5G smartphone and technology provider. This will not be a big surprise, as private companies will seek to act in solidarity with national policies. However, it could potentially pave the way for the digital yuan market if it could be incorporated into the country’s most popular apps and products.