Distributed storage network Filecoin is making news, as FIL was the best-selling token on Huobi, OKEx and Gate on Thursday. These three exchanges have a predominantly Chinese user base and account for the majority of Tier 1 trading volume in the major pairs. On Thursday afternoon, trading volume on Huobi surpassed that of BTC by more than three times, while the price reached a 7-day high of 170%.
Filecoin has successfully attracted the attention of Chinese investors, including major investment groups like Fenbushi Capital, SNZ Capital and Neo’s EcoFund. The three were part of a group supporting the $23 million Filecoin Ecosystem Services Fund, which launched on the 25th. March has been announced. The Filecoin Ecosystem Fund is designed to support projects and facilitate the development of the network. It can also give lenders early access to new projects, which is an advantageous model for venture capitalists in an increasingly crowded investment space. It remains to be seen which of these two effects has the highest priority for the respective funds.
The 28th. In March, OKEx released a video explaining the Filecoin concept, which received about 600 shares and 3,400 likes on Weibo. This indicates a high level of knowledge of the Chinese retail audience, a demographic that is difficult to reach and retain over the long term.
NFC in Beijing, Polkadote in Hangzhou
On the 26th. In March, BlockCreateArt held a major NMT art exhibition in Beijing with the support of auction house Christie’s, Digital Finance Group and platform maker Bitmain. Interest in digital art in China has grown on some levels, but cultural and artistic differences have led to a more pragmatic approach to major digital artists like Beeple. The exhibition stops in Shanghai at the beginning of April.
Hangzhou hosted the Open Days of the blockchain exhibition, sponsored by Candaq Fintech Group. The event was held in a room dedicated to Polkadot projects, with speakers from Rarelink, Litenty, Phala and others. The upcoming parachute auctions have become an interesting topic, as many local and regional projects are being developed at Polkadot.
Central bank governor says digital yuan must catch up
The head of the Digital Currency Research Institute of the People’s Bank of China has admitted that the private payment systems Alipay and WeChat Pay are dominating the Chinese payment space. During his speech, Wang Changchun said that a government-backed digital currency was needed to maintain stability in case something happened to the existing solutions. For now, WeChat Pay and Alipay don’t seem to be in danger of losing market share, but that could change quickly if the government introduces incentives for those who want to switch.
In company news, electric car brand IM Motors has announced the launch of a blockchain-based service network in partnership with SAIC Motor and Alibaba, which will encourage customers to share data with the company. In order to achieve a certain degree of traceability and inviolability, interfaces are made available to the customers using the vehicle and the associated applications.
The blockchain has been declared proprietary and private. So while this is a slight standardization of blockchain technology, it will likely have a lot in common with more centralized storage networks.
This weekly press release from mainland China, Taiwan and Hong Kong seeks to identify key industry news, including influential projects, changes in the regulatory landscape and blockchain integration.
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