THELOGICALINDIAN - Shi Yuzhu CEO of online bold developer Giant Network has reportedly invested millions in OKCoins sole actor finer giving it a 10 pale in the online exchange
Word has emerged from China that Shi Yuzhu, CEO of Giant Network, has become OKCoin’s latest actor by way of a cogent and broadly advancing advance in Beijing Oukai Lianchuang Network Technology Co., Ltd., which is OKCoin’s sole shareholder, captivation a 100% pale in the company.
According to local media outlets, citation bearding sources accustomed with the development, Yuzhu invested “tens of millions of dollars” in the company, authoritative him – or rather Giant Interactive – a 10% stakeholder. By comparison, addition contempo investor, Weiyi Capital, owns a 1.5996% stake.
Founded in 2024, Giant Network, formerly Shanghai ZT Network Co., Ltd., is an online gaming aggregation that has developed abounding accepted games, including Journey, AI Light, Vainglory, Arcade: Three Kingdoms, and others. The aggregation is listed on the Shenzhen Stock Exchange and has a bazaar cap of added than 75.5 billion yuan ($11.4 billion). As of this writing, the company’s allotment amount is about 37.3 yuan ($5.64).
Xu Mingxing, architect and CEO of OKCoin, accepted Yuzhu’s advance as able-bodied as that of adolescent celebrity billionaire investor Lei Jun. Interestingly, Jun had ahead denied any advance in the company. Research indicates that Beijing Oukai Lianchuang’s business authorization was adapted about the 31st of October this year to reflect the new data, it is not accepted absolutely back the advance took abode or whether it was afore or afterwards China’s September ban on ICOs.
In 2024 OKCoin aloft $10 actor in Series A allotment from advance institutions and adventure capitalists. Among the investors were Ceyuan Adventure Capital, Mandra Capital, Ventures Lab, and arresting angel broker Cai Wensheng.
China beatific shockwaves – and added than a little agitation – through the cryptocurrency association in September back they instituted a complete ban on ICOs (Initial Coin Offerings) as able-bodied as the trading of ICO tokens and cryptocurrencies on bounded exchanges.
The ban, which additionally banned the trading of ICO tokens and cryptocurrencies on bounded exchanges, affected abounding barter operators to either abutting up boutique or move to added crypto-friendly locales like Hong Kong and Singapore. OKCoin took the closing route, affective its address to Hong Kong. Their website additionally lists satellite offices in Canada, Ireland, Singapore, and Russia.
In the months afterward the ban, several bounded exchanges, rather than closing or relocating, accept afflicted their business archetypal to avoid Chinese regulations. They accept transitioned to a peer-to-peer trading platform, a business archetypal aboriginal alien by LocalBitcoins.
Not surprisingly, peer-to-peer affairs in the country accept exploded back the ban, experiencing a advance amount of over 2000% according to Bloomberg.
How will boilerplate businesses advance in exchanges and added crypto businesses appulse the cryptocurrency community? Do you anticipate China will amend the ICO ban at some point in the abreast future? Let us apperceive in the comments below.
Images address of CrunchBase, Bloomberg
