Everything about China's Innovation
Digestible news on the latest developments across the fields of Web3, NFTs, blockchain, and metaverse in China and beyond, compiled for you every week by Pandaily.
This week: Tencent’s NFT marketplace Huanhe to close down, Zipmex becomes latest crypto exchange to halt withdrawals, Hong Kong monetary chief said crypto and DeFi won’t disappear, and more.
Tencent is laying off an undisclosed number of employees from its NFT purchasing and collection platform Huanhe 幻核, with the ultimate intention of discontinuing the venture, according to sources familiar with the situation. Caixin Global and Forkast first reported the story.
READ MORE: Chinese Tech Giants Vow to End NFT Speculation
Singapore-based crypto exchange Zipmex halted withdrawals, becoming the latest company caught in the fallout from a series of defaults that are spreading throughout the digital assets industry. The Washington Post and Bloomberg first reported the story.
RELATED: Read all of our articles related to crypto!
Hong Kong Monetary Authority (HKMA) CEO Eddie Yue said that more scrutiny of stablecoins could help to reduce risks from DeFi, but the technology, which seeks to remove the need for financial intermediaries from lending and investing, will continue to play an important role in the financial system. Reuters and CoinDesk first reported the story.
In February, Hong Kong’s Baptist minister Reverend Enoch Lam Yee-lok started Me Church, a church in the metaverse, where people can attend virtually as avatars. SCMP first reported the story.
India’s Finance Minister Nirmala Sitharaman has reiterated the stance taken by the Reserve Bank of India (RBI) to ban crypto, but said significant international collaboration is required in order for any legislation to pass. CoinDesk and TechCrunch first reported the story.
Minecraft developer Mojang said on Wednesday that it will institute a ban on blockchain technology and NFTs. Protocol and Yahoo Finance first reported the story.
That’s it for this week’s newsletter – thanks for reading! As always, we welcome any feedback on how to make this newsletter better. Write to us at [email protected]. See you again next week!
Since the bankruptcy and liquidation of Terra/LUNA, stETH, and 3AC, the transaction volume of the world’s NFT market has shown a downward trend. Meanwhile, China, on the other side of the ocean, is leading the digital collection market.
After its funding round, Pandaily interviewed Howard Xu, Co-Founder of Ancient8. We discussed why he believes Ancient8 will stand out in the highly competitive game-guild field, what the next trend for Web3 games is, and more.
This week: Shanghai pledges support for NFT trading platforms, Animoca Brands raises another $75 million amid crypto market crash, Tencent shuts down NFT platform to comply with government rules, and more.
This week: Crypto investor Sequoia Capital China raises $9 billion, Chinese beauty app Meitu records up to $52.3 million in net losses amid crypto market crash, Animoca Brands leads $32 million funding round for Web 3.0 gaming company Planetarium Labs, and more.
Pandaily is a tech media based in Beijing. Our mission is to deliver premium content and contextual insights on China’s technology scene to the worldwide tech community.
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