A Chinese-based cloud throng, headed by a high-profile media mogul, has moved to acquire an ownership wall in b mark off in a Delaware-based alternative trading system provider specializing in blockchain.
According to the SEC walk, Seven Starts Cloud Groups (SSC), publicly listed on NASDAQ, favoured a transaction on Dec. 20 to acquire 27 percent of the shares of the Delaware Directors of Trade (DBOT), making SSC the largest shareholder in the company. DBOT opened in May 2017 to provide a blockchain-based crowdfunding platform compliant with new legislation in the phase seeking to boost the use case.
For Seven Starts, the deal notably assault two months after Bruno Wu toke over the role of CEO at the company. What draw offs attention, however, is perhaps the high-profile status of Wu himself. He has gained staggering public attention in China through his media business the Sun Seven Idol Entertainment, as well as his marriage with the Chinese TV personality Yang Lan.
According to the spot, DBOT’s technology will be used to power the SSC’s blockchain-based NextGen X stage. It is said to be a solution that brings liquidity to trading ETF-backed digital assets for territories including the US, UK, Germany, China, Korea, Africa, Singapore, UAE and Japan.
Yet this is another in the event of Chinese investors exploring opportunities overseas to tap into the business affiliated to cryptocurrency and blockchain amidst a regulatory uncertainty domestically.
In September this year, Chinese regulators issued a ban on introductory coin offerings, which was followed by all domestic exchanges shutting down career between cryptocurrencies and fiat currencies.
As reported previously, once the largest arguments in China, Huobi and OKCoin both shifted the business model to over-the-counter for crypto-to-crypto profession. While the operations are based in overseas markets such as in Hong Kong, mercantilism is still available for Chinese retail investors using mobile payment or bankwire checkings.
Delaware image via Shutterstock
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