Chinese Investor Buys Stake In Delaware’s Blockchain Stock Exchange, Report SaysDecember 27, 2017 5:44 pm
Chinese investors have struck again, exploring opportunities overseas to get a foot in the door to businesses related to cryptocurrency and blockchain amidst a regulatory uncertainty domestically, Coindesk reported Wednesday.
Seven Starts Cloud Groups (SSC) and media mogul Bruno Wu acquired 27 percent of the shares of Delaware Board of Trade (DBOT) on Dec. 20, the report said.
With the purchase, the report said, SSC is now the largest shareholder in the company, which launched in May 2017 to provide a blockchain-based crowdfunding platform compliant with new legislation seeking to boost the use case.
According to the announcement, an alternative trading platform that is part of the DBOT’s operations will be used after the transaction to power the SSC’s blockchain-based NextGen X platform.
The report credits this solution to bringing liquidity to trading ETF-backed digital assets for countries including the US, UK, Germany, China, Korea, Africa, Singapore, UAE and Japan.
In September 2017, Chinese regulators issued a ban on initial coin offerings, the report said, which was followed by all domestic exchanges shutting down trading between cryptocurrencies and the Chinese fiat Yuan and moved overseas.
– WN.com, Jack Durschlag