Chinese Investors Heading the Crypto-Wild West

Chinese investors are heading to the ‘crypto-wild west.’ Following Beijing’s ban on bitcoin investment, decentralized finance is gaining traction in China.

As part of China’s anti-cryptocurrency effort, bitcoin mining activities were shut down in May. This has coincided with the emergence of decentralized finance, or DeFi. Which allows users to trade directly with one another without the need for an intermediary such as a bank or broker. By Chinese investors making it more difficult to stop.

However, in September, there was a particularly harsh assault on cryptocurrencies as a whole. When crypto exchanges were made illegal in 2017, Chinese customers began using DeFi instead. In November 2019, China’s percentage of global bitcoin transactions reached 15%; by June 2021, it had dropped to 5%. Chainalysis, a company that conducts research, says this.

In the 12 months leading up to June, mainland China was linked to $256 billion in cryptocurrency activity. Which is the largest in Asia, with DeFi platforms accounting for 49% of the total. According to Chainalysis, Uniswap, one of the top Chinese investors DeFi exchanges. And now the second largest exchange in East Asia by transaction volume.

Deterring New Blood from Entering the Crypto Markets

While the newest limitations are discouraging newcomers from entering the crypto markets, experts claim. Some existing bitcoin holders are resorting to DeFi to keep trading. DeFi protocols are not subject to the same “know your customer” requirements as more strictly regulated traditional exchanges.

According to Chainalysis, nations with historically big institutional investors and huge crypto wallets. Countries such as the United States, China, Vietnam, and the United Kingdom played an outsized role in DeFi. DeFi appeals to large crypto asset owners since it allows them to profit from their holdings. DeFi protocols allow users to lend their crypto to build liquidity pools for peer-to-peer lending. Investors receive a portion of the transaction fee or token payouts in exchange.

However, industry insiders warn that stronger DeFi legislation is likely to emerge in the United States. Which might include KYC requirements that make it more difficult for Chinese users to open new accounts including the internet of five things.

Cleaning Gaming’s ‘Frat Boy’ Culture

Activision Blizzard, the creator of Call of Duty and Candy Crush, has fired 20 employees to straighten up the company culture. By following numerous gender-based discrimination and harassment complaints. As part of its efforts to create a “more accountable workplace.” The firm punished 20 people and announced plans to enlarge its ethics and compliance division. Unhappy with management’s dismissal of a California state complaint alleging a “pervasive “frat boy” working culture.” Hundreds of Activision Blizzard employees walked out in August.

Facebook Opts for a Third-party Coin for its Digital Currency Wallet

Facebook has finally launched its digital currency wallet Novi in the US and Guatemala. But it is using the Paxos Dollar stablecoin instead of its own own Diem. To use the app, users must have a government-issued ID and can transfer money across wallets for free. Novi is held in custody by Coinbase, a US cryptocurrency exchange.

The Squid Game for Subs

The breakout popularity of the Squid Game helped Netflix double its new subscribers year-on-year. Beating expectations and pointing to a better year-end as it launches new movies and TV programming. The hit South Korean drama premiered in September, attracting over 142 million global viewers. Netflix expects to add 8.5 million new customers in the fourth quarter and 18.4 million new viewers for the year. The Asia-Pacific region gained more paid net new subscribers than the United States, with 2.2 million new customers signed up.

Jack Ma’s Spain Vacation

Jack Ma, founder of Alibaba, is vacationing in Spain. This is his first confirmed trip outside China since late last year. President Xi Jinping delayed Ma’s initial public offering of Ant Group. His online finance platform launched in November, shortly after he publicly criticized Chinese financial regulators in a speech.

WeWork Goes Public

WeWork will finally go public after a $9 billion merger was approved by shareholders of a blank-cheque firm. Ending a two-year saga. To enable the shared office space provider to trade on the New York Stock Exchange. Starting Thursday under the ticker WE, BowX Acquisition’s shareholders voted in favor of the transaction on Tuesday. In an investment months before its failed IPO, SoftBank valued WeWork at $47 billion.

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