March 4, 2024

Chinese bank invests in cryptocurrency wallet

Chinese bank invests in cryptocurrency wallet

On Friday, President Xi Jinping referred to blockchain “as an important innovation breakthrough in thetechnology. "
Xi pointed out the potential benefits of blockchain technologies in various industries, including finance, education, healthcare and others.
The statement of the Chinese president instantly affected the valuation of the cryptocurrency market.
And it seems that rumors about the death of Bitcoin in the country are exaggerated.
China Merchant Bank has announced an investment in BitPie, the longest-running Bitcoin wallet with a huge user base in China, according to Primitive Ventures founding partner Dovi Wang.

https://twitter.com/DoveyWan/status/1188713741782667264
China Merchant Bank is a medium-sized financial institution in the country with hundreds of branches.
According to Wang, the partnership could be the beginning of the nationalization of cryptocurrencies in the country.
It is important to note that this is not the first time thatA Chinese bank is entering the crypto space. Thus, earlier this year, Bank of China (not to be confused with the central bank of China of the same name) released an infographic dedicated to the Bitcoin cryptocurrency.
Twitter user "CL" confirmed the trend of Bitcoin returning to the mainstream in China.

The analyst noted in his post that the Chinese government “organized a nationwide blockchain exam.” And this may just be the tip of the iceberg.