OK Group to Invest in Wuhan Based Yun Qu Technologies
The main company behind OKEx exchange, OK group is investing approximately $1.4 million in a blockchain startup in Wuhan, China, called Yun Qu Technologies. Wuhan has been the epicentre of the Covid-19 and the announcement of this incident was made on Xinhuanet, China's state news network on April 8.
The move to invest in Yun Qu Technologies comes at the right time as the city of Wuhan is trying to restore the balance in the city after being hit massively by the pandemic. The talks of investment were going on for over a year now, according to OK group spokesperson and they couldn't have picked a better time to invest and aid in restoring normalcy in the city.
Investing in Yun Qu Technologies a Wise CallYun Qu technologies provide a bunch of information regarding blockchain services. It is also well on its way to developing an analytical tool to retract data from blockchains. This development heightened the interest of the OK group, who believe this tool can be a handful in countering money laundering. Interestingly, it appears than Yun Qu technologies are China's answer to firms like Chainalysis and CipherTrace.
The country first opened the door of blockchain technology in October 2019 after the announcement NY president Xi Jinping and since then it has grown exponentially in this department.
The OK group could be making this movie to tackle the decision of its rival Binance which opened a research branch in Shanghai. The deal with Yun Qu technologies could aid OK group to firmly establish their presence in the country and also be able to counter illicit use of blockchain.
Blockchain has become a significant tool for the people of China and the country's digital yuan which is currently under work would be based heavily on Blockchain.
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About The Author
Zain RazaZain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.
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