PBoC to Collaborate With Huawei For Fintech Research

Expersts says it's the first publicly announced deal by the central bank with a big-name company
06 November 2019   230

Chinese technology giant Huawei has announced a strategic partnership with a division of the People’s Bank of China (NBK). The latter is studying digital currencies. This is reported by The Block.

The collaboration is focused on fintech research. Other details have not yet been disclosed.

In the summer, Huawei CEO Ren Zhengfei supported the NBK's intention to issue its own digital currency. He said that China is able to create an analogue of the Libra coin.

According to the head of the research unit of the Chinese central bank, Wang Xin, Libra is a threat to the traditional financial system. In July, he announced that it was a coin from Facebook that could push the NBK to accelerate the release of its own digital currency.

In August, Mu Changchun, deputy head of the payment unit within the NBK, noted that the prototype of the digital currency was already ready, and the research group worked out the blockchain architecture for it.

Recently, Vice Chairman of the China Center for International Economic Exchanges, Huang Qifan, said the NBK will be the first central bank to issue a viable digital currency in the world, while the Libra project will fail.

Huawei has long been interested in blockchain solutions. In 2016, the company joined the Hyperledger blockchain consortium, and in 2018 announced the launch of a blockchain platform for creating smart contracts.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   648

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.