Qulian to Raise $234M During Series B Funding Round

Qulian sets out to develop enterprise-grade solutions based on its hyperchain blockchain platform
05 June 2018   412

Chinese company Qulian Technology, which created the blockchain platform Hyperchain, announced the completion of the series B financing round, in which the company managed to attract 1.5 billion yen (234 million dollars). This is reported by Coindesk.

According to a statement that Qulian published on Sunday, Xinhu Zhongbao, a real estate and finance company, became the lead investor of the round. It announced it plans a week ago, on May 27, when it applied to the Shanghai Stock Exchange.

The document says that Xinhu Zhongbao intends to invest 1.23 billion yen ($ 192 million) in Qulian, which will be divided into 2 parts: $ 17 million will be directed to the authorized capital of the company, and $ 175 million to new shares. Thus, as a result of the transaction, the investor must receive a 49% stake in Qulian.

This is a business judgement made by the company and other co-investors based on a comprehensive evaluation of Qulian. There is a risk of a mismatch in (Qulian's) income and valuation.

Xinhu Zhongbao Team

Qulian was founded in 2016 and is developing corporate solutions based on its Hyperchain blockchain platform. According to the application of Xinhu Zhongbao, in 2017 Qulian's income was 281 thousand dollars, and net losses - 2.34 million dollars. The company itself is estimated at 234 million dollars.

Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   92

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.