OK Group, the conglomerate behind cryptocurrency alternate OKEx, is investing roughly 10 million RMB ($1.four million) into Yun Qu Applied science
OK Group, the conglomerate behind cryptocurrency alternate OKEx, is investing roughly 10 million RMB ($1.four million) into Yun Qu Applied sciences, a blockchain startup based mostly in Wuhan.
The announcement was made on April eight on China’s state information community, Xinhuanet. Yun Qu is headquartered in Wuhan, the epicenter of the novel coronavirus outbreak.
The funding was being mentioned since late 2019, based on OK Group spokesmen. As the town begins to return to regular life, OK Group’s funding will assist Wuhan’s native companies get better from the pandemic and the related quarantine.
Yun Qu Applied sciences gives a wide range of info companies associated to blockchain. Along with curating a Chinese language language crypto information web site, additionally it is growing an enormous knowledge software to extract and refine analytical info from blockchains.
This expertise is claimed to have piqued the curiosity of OK Group, which is optimistic about its software in fields like Anti-Cash Laundering compliance. Yun Qu seems to be offering a competing providing to western corporations reminiscent of Chainalysis, Elliptic and CipherTrace.
Information from China
The nation started its energetic pursuit of blockchain expertise in October 2019, as introduced by president Xi Jinping.
This opened the door for a lot of blockchain startups to attempt to get a spot within the highlight, although a current report alleges that almost all of them have been both scams or poorly deliberate.
The OK Group is following an identical path to its competitor Binance, which not too long ago established a bodily analysis department in Shanghai.
Within the meantime, the Chinese language authorities is continuous to develop its proposed digital yuan, a central bank-issued digital foreign money that may ostensibly use blockchain on an unprecedented scale.