China Crypto News- May 16th

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China Crypto News

First DApp on EOS, Upbit Investigation Continues, Crypto Financing time period elongates, HTC builds crypto phone

Coin and Exchange News
Zimbra X will be the first DApp built on EOS, which is big for EOS (this is equivalent of the facebook app on iphone analogy
Synacor (Nasdaq: SYNC) announced today that Zimbra X is currently in the testing phase of the EOSIO software agreement and plans to promote it to thousands in the coming months. Zimbra is an enterprise application that will integrate their software architecture with EOS. Article here-

Upbit investigation continues; computer was confiscated
South Korea’s largest cryptocurrency exchange, Upbit, is being investigated for fraud. As of now, the prosecution has not filed any accusations against Upbit. However, the prosecutor had confiscated the exchange’s computers and records to assist in the investigation.

Bithumb, the Korean digital currency exchange, adds 5 currencies
Bithumb will be launching five currencies on the evening of the May 16th, including TenX (PAY), WAX (WAX), PowerLedger (POWR), Loopring (LRC), and Gifto (GTO).

Xunlei- the company introduces 2 platforms for blockchain development to help accelerate blockchain development. They have a large network of shared nodes and are offered a significantly lower cost.

Macro and Regulation Watch
Stat: According to the statistics of Outlier Ventures, as of February 2018, there were 1286 global blockchain projects. 4.6% are in China, ranking third in the world. As of February 2017, finance was the hottest area for blockchain investment. The exploration of blockchain projects in the financial sector currently focuses on such areas as payments, real estate finance, asset securitization, asset management, and bill financing. At the actual development level, in China, not only emerging startups, but also traditional banking institutions such as China UnionPay, China Merchants Bank, and Minsheng Bank, as well as financial and technological giants such as Ant Financial, Baidu Finance, and ZhongAn Science and Technology, have begun to deploy blockchains.

Stat: 2018 Q1 blockchain financing favors exchanges, blockchain infrastructure and financial services
According to Node Capital statistics, there were 412 new financing events in Q1 in 2018, totaling approximately US$3.3 billion, which is a 5% increase over Q1 2017. Among them, there are 204 funds raising more than $100,000 USD. 89 projects are listed on the exchange. The average duration of fund-raising activities has increased from 30 days last year to 2 months. Exchanges, blockchain infrastructure and financial services lead in the amount of financing.

HTC is developing a blockchain mobile phone designed to enhance digital currency trading experience
According to Sina Technology, HTC is developing an Android mobile phone driven by blockchain technology. The mobile phone, code-named Exodus, will provide a system-level wallet function with built-in security hardware to support digital cryptocurrency and decentralized applications.

– Jack Ma: Blockchain is not a bubble but Bitcoin is
At the 2nd World Smart Conference on May 16th, Ma Yun said: Blockchain is not a bubble, but Bitcoin is a bubble. He believes that the blockchain must be a solution for society but it needs to create value for society first. At Alibaba, they are focused on using blockchain to solve security and privacy issues.

KAKAO establishes Blockchain subsidiary “Ground 1” in Korea
South Korea’s KAKAO wants to establish a legal entity in the blockchain subsidiary called “Ground 1” in Korea, and recruit blockchain professionals. They will aim to promote blockchain-based Dapp services.

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