Our Man in Shanghai: Huobi looks to become Grayscale of Asia, Yao Ming’s NFT wine, and Chinese crypto investors go to the dogs

Huobi tackles the institutional market, you can now own an NFT of basketball star Yao Ming drinking red wine, and China’s digital yuan starts to target the private sector. Huobi Asset Management is looking to be the Grayscale of Asia with the launch of four cryptocurrency related tracker funds.

On April 25-26, many of China’s largest corporations and organizations came together to discuss the topic of digitalization. E-commerce giant JD.com announced it had been paying some of their staff salaries with DCEP, China’s central bank digital currency. The firm also announced it uses the technology for select business-to-business payments.

Ant Group and Tencent, the companies that own the two largest private payment processors in the country, are included in the project. Also named was smartphone and 5G technology provider Huawei. This won’t be a major surprise, as private companies will be eager to act in solidarity with the national policies. 

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Author: Priyanka

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