BitPie secures some major Chinese investment
|Dovey Wan, who is a partner at blockchain investment firm Primitive Ventures, tweeted that the China Merchants Bank, a commercial banking institution from Shenzhen, had invested in the non-custodial crypto wallet BitPie.
BitPie is said to be one of the most popular crypto wallets used by Chinese investors. The non-custodial wallet is a firm favourite in Beijing but they are based in Australia.
None of the companies have released an official statement as of yet but the Tweet was enough to set tounges wagging in the crypto sphere.
As Wan later noted, this move could be the start of China’s nationalization of all crypto infrastructure
Given that the Chinese government is so pro blockchain and cryptocurrencies this situation has led some analysts to believe that this could be the beginning of the state buying up popular crypto-based assets to gain control of the growing industry. Of course, this is pure speculation but the fact that China's Merchant Bank has so heavily invested in a private firm is significant.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.