OKCoin Founder the OKGroup, Invest in Wuhan Based Blockchain Startup
By Max S – Cryptocurrency Enthusiast
A blockchain powered data collection and analytics startup platform in Wuhan, China, has received financial backing by OKCoin. Previously part of the conglomerate behind the cryptocurrency trading exchange OKEx, OK Group have invested 10 million RMB ($1.4 million) into Yun Qu Technologies.
On April 8th, China’s state news network, Xinhuanet published the announcement. The technology provider, Yun Qu, is based in Wuhan, the epicenter of the Covid-19 virus outbreak.
Notes and discussions regarding the investment date back to late 2019, according to an OK Group representative. It is believed that as the region starts to return to normal living, OK Group’s funds will support Wuhan’s local businesses as they recover from the pandemic lockdown.
Yun Qu is a technology provider focusing on blockchain information services. As well as developing a Chinese cryptocurrency news platform, the firm are also building data tools to improve and extract analytical information from blockchains. OK Group have taken particular interest in the technology for its application to possible anti-money laundering compliance. Western companies including Chainalysis and CipherTrace are considering the Chinese startup an adept competitor.
China initiated its active pursuit of decentralized technology in October 2019, as declared by president Xi Jinping. Many blockchain startups saw this as an opportunity to begin business, as more Chinese began showing interest in buying and selling Bitcoin. OKGroup is developing momentum and is following a similar course as its competitor Binance. As of today, the Chinese government continue research in this area and is even proposing plans for a digital yuan in the form of a Central Bank Digital Currency (CBDC).