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.
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