Internet giants re-enter the crypto market

Just two days ago, Trump, who was once skeptical of cryptocurrencies, told Bloomberg Businessweek that he turned to the industry because "if we don't do it, China will take over, or other countries, but it will probably be China. China takes this very seriously."

Many people may not understand, aren’t we suppressing the encryption industry?

Yes, we did suppress the encryption industry in the past few years. The most iconic one was the policy suppression in 2021, which directly led to the 519 crash.

This wave of suppression also led to the collective emigration of Chinese people in the crypto industry.

Major Internet companies have also cut back on blockchain-related businesses, and related businesses have also sunk from the surface to the bottom.

Now, nearly three years later, the crypto industry has become a key issue influencing the U.S. election.

There shouldn’t be anyone stupid enough to think that they should give up this industry, right?

Recently, major Internet companies that represent my country's most advanced technological productivity have begun to quietly deploy in the encryption industry.

First, Tencent Investment Group and Matrix Partners China recently led a $15 million Series A financing for Chainbase, a developer of a full-chain data network.

Chainbase, which aims to simplify access to blockchain data by integrating it into a single platform, has been publicly launched as a service for Tencent Cloud.

As far as I know, many of Tencent's other businesses actually use the services of many encryption projects, but for various reasons, it is not convenient to publicize them.

In addition to Tencent, another Internet giant JD.com also publicly announced its re-entry into the encryption industry.

JD.com has made a fortune quietly by directly entering the core stablecoin business.

On July 18, the Hong Kong Monetary Authority (HKMA) announced the first batch of participants in the "sandbox" for stablecoin issuers, including JD CoinChain Technology (Hong Kong) Co., Ltd., Yuanbi Innovation Technology Co., Ltd., and joint applicants Standard Chartered Bank (Hong Kong) Limited, Animoca Brands Limited, and Hong Kong Telecom Limited (HKT).

In fact, as early as April this year, ByteDance's technology solution subsidiary BytePlus officially announced its cooperation with Sui and its first foray into blockchain. BytePlus will work with Mysten Labs to apply its recommendation solutions and augmented reality products and other services to Sui.

Ant Financial, also a subsidiary of the tech giant Alibaba, announced that it will significantly increase the financing of its blockchain subsidiary. In fact, as early as December 2023, Alibaba invested in CARV, a gaming and AI data layer solution.

As the saying goes, a duck knows first when the river water warms in spring. The collective actions of the technology giants should verify Trump's statement: China does attach great importance to the encryption industry.