Raises $300M At A $5.2B Valuation to ‘Aggressively’ Expand its Products Raises $300M At A $5.2B Valuation to ‘Aggressively’ Expand its Products

The company has over 31 million verified users, recording a 3x increase in active users and a total of 70.243 million unique wallets.

London-based cryptocurrency firm has raised $300 million in its latest funding round with a valuation of $5.2 billion.

The Series C round was led by DST Global, Lightspeed Venture Partners, and VY Capital.

Just last month, the company that offers digital wallets for storage of cryptos along with trading and other services for larger investors said it raised about $120 million with investment from Alphabet Inc’s venture capital unit.

Launched in 2011, the total number of unique wallets created has reached 70.243 million to date.

The company has more than 31 million verified users in over 200 countries, recording a 3x increase in active users over the past 12 months. Peter Smith, CEO & co-founder of Blockchain said,

“With one of the most significant balance sheets in the industry, we plan to aggressively expand the products we offer our customers, grow our global team, and pursue M&A opportunities to bring exciting new products and ideas into the company.”

Bitcoin soaring to a record high of nearly $62,000 this month is leading to ballooning valuations of companies in the crypto space.

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Author: AnTy

People’s Bank of China (PBoC) Testing Digital Yuan (DCEP) for Credit Card Payments

China has been aggressively developing its central bank-issued digital currency (CBDC), popularly known as digital yuan. As per the latest reports, the People’s Bank of China is currently running a pilot project to test the use cases of its digital yuan for card payments, fees, credit card payments, and more.

China has been at the forefront of developing a national digital currency called DCEP. The government authorized the research for the project more than five years ago, and many people were speculating for an official launch by September last year. However, digital yuan was eventually made public at the start of 2020, and the PBOC jas been testing various use case for the digital currency ever since.

The first pilot program for DCEP saw it being used as a travel subsidy for government employees in 4 cities. Later the pilot program was expanded to several universal fast food and beverage companies operating in China, which included Starbucks and McDonald’s as well.

Chinese Central Bank Tests Final Use Case for DCEP

As per a report published in the local daily 8BTC, the PBOC is currently testing digital yuans use a case in the credit card ecosystem as it could be a key to bringing in more customers. The trials in the credit card domain are also being seen as the final trial before the much anticipated public launch.

The central bank also revealed three new pilot-free trade zones (FTZ), in addition to the one already functioning in the Zhejiang province. These free trade zones are key to China’s dream of becoming a blockchain hub for enterprises.

The central bank of China also announced three large innovation trial projects, namely the National Small and Micro Enterprise Digital Credit Reporting Pilot, Digital Currency, and Financial Technology Innovation supervision.

While most of the countries have shown interest in researching and developing their own national digital currency (besides Australia), China managed to complete the research and development of its national yuan quietly and is slated to become the first country to launch its own digital currency. It is also important to note that while the national yuan project is being propagated as one of the true CBDCs, but many have warned that digital yuan would not work on a decentralized blockchain. Rather it is a sophisticated way for the government to control the flow of money outside the country.

Whether the project turns out to be what many are speculating, it would be interesting to see how digital currency is rolled out for the world’s most populated country.

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Author: Rebecca Asseh

Courts in China Are Adopting Blockchain-Based Electronic Seals to Protect Property

China has been aggressively promoting and incorporating blockchain in various private and government sectors. Now, the judiciary system is utilizing blockchain technology where Chinese courts are going to use blockchain-based e-sealing services to protect properties from being damaged.

The first use of this e-sealing system was by The Executive Bureau of the People’s Court in Haidian District, Beijing, to seal a property in Chaoyang district, reported Global Times. This decentralized e-sealing system makes use of installed cameras to monitor the property in real-time.

The blockchain system has been coded in a way to alert the authorities through mobile phone notifications if the camera detects any intrusion or damage. The system will be equipped to take still photographs of the intruder and alert the law-enforcing authorities.

How is Blockchain Used in the E-Sealing System?

The primary use of blockchain in the e-sealing system would be data monitoring, data security, and management. The data stored on the blockchain could be utilized by only authorized parties such as the investigating agencies who can check the whole history of the property.

After the successful use of the blockchain-based e-sealing system by the courts of the Haidian District, several other district courts from East China’s Jiangsu Province, South China’s Hunan Province, and East China’s Jiangxi Province also showed interest. They announced that they would also use a similar system for sealing and monitoring sealed properties.

Before the current e-sealing system, Chinese courts have incorporated blockchain for court procedures in 2019 as well, where almost 3.1 million Chinese Litigation activities were settled using smart contracts, and the whole system was popularly called “smart internet courts.”

The president of this Beijing Internet Court believes blockchain integration and use in the judiciary has helped to collect and provide evidence in cases, as well as fosters social credibility development in the country.

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Author: James W