Chinese cloud-based solutions service, Seven Stars Cloud Bracket, Inc. (SSC), announced this week its 27 percent purchase stake of US crypto blockchain switch Delaware Board of Trade Holdings Inc. (DBOT). SSC is owned and run by entertainment big Daddy Bruno Wu, who many analysts believe is trying to get in on the near-half a trillion cryptocurrency sell.
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Bruno Wu Buys Delaware Crypto Switch
China’s SSC sent out a press release claiming “today a 27% advantage of The Delaware Board of Trade Holdings Inc. (“DBOT”), the beginning and only blockchain based Alternative Trading System fully sanctioned by the SEC, for 1,627,869 shares of SSC common stock. The transaction will make SSC the largest shareholder of DBOT”.
Referring to Mr. Wu as “One of China’s biggest duty and entertainment moguls,” Jon Najarian also described DBOT as “a ‘dark combine’ operator” and how SSC had “plans to expand into the trading of ‘bitcoin-like’ securities,” he tweeted. The Delaware companionship is the only trading system of its kind licensed by the SEC, if the SSC press release is to be supposed.
The announcement sent the Chinese company’s stock soaring on Nasdaq, up terminated 25 percent.
According to Seven Stars Cloud website, the friends is “aiming to become a global leader in providing next-generation Artificial-Intelligence (AI) & Fintech Powered, Provision Chain + Digital Finance Solutions.” By purchasing a controlling interest in DBOT, SSC aspires its “regulatory approved platform will be the cornerstone for a ‘plug & play’ and blockchain based, Initial Market Offering (IEO) Network.”
John Wallace, CEO of DBOT, was quoted as saying, “We are enlivened to further partner and form a deeper business relationship with SSC as DBOT and its a number of business lines become key engines that power SSC’s Global Barter Platform Network for Initial Exchange Offerings.”
Bruno Wu
Mr. Wu’s Big Plans
Initially this year, China’s Chongqing Casin Enterprise Group’s strains were halted by the Securities and Exchange Commission (SEC) just as they struggled to snap up the Chicago Stock Exchange. Legislators complained about the be deficient in of transparency in the Chinese company’s corporate structure.
So far, the SEC hasn’t commented on Mr. Wu’s possessions. Nevertheless, his company has big plans for the merger. It will “leverage DBOT’s created and regulatory approved ATS for powering SSC’s blockchain based Nextgen X, which focal points on the trading of financial products including ETFs backed by digital assets, that can be tokenized and soothed (including digital currency options) via Initial Exchange Offerings (“IEO”),” the company dignified. It hopes to establish a “plug and play” solution spread over 30 out of the ordinary exchanges in Japan, UAE, Singapore, Africa, Korea, China, Germany, and the Pooled States.
The New York Post reports Mr. Wu has also purchased “a majority apportion of a Youtube-like company called YOU On Demand, which was owned by World Tussling Entertainment scion and professional wrestler Shane McMahon — son of WWE founder Vince McMahon and his strife, Linda McMahon, the head of the Small Business Administration,” the paper make plained.
For its part, SSC, based on the cryptocurrency-related rumors in the press, issued yet another saving. In it, Mr. Wu himself explains, “Seven Stars Cloud is in no way a Bitcoin-related company and it be obliged be highlighted that the opportunities and possibilities of Blockchain extend far beyond the on cloud nine of cryptocurrencies,” he stressed. “Although initially created for Bitcoin, Blockchain anticipates a more secure and transparent way of managing all kinds of data and therefore, the numerous pertinences and uses of this technology are infinite.”
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Images courtesy of Pixabay, SSC, DBOT.
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