Chinese investors flock to the Wild West in Krypto

The decentralized finance is picking up in China after Beijing has banned investments in cryptocurrency.

China's campaign against cryptocurrencies led to the authorities hired the Bitcoin mining operation in May. This coincided with the rise of decentralized finances or defi, which enable users without having to act with one another like a bank or a broker, and the blocking difficult.

While the strictest enforcement against cryptocurrencies in September, China for the first time banned the crypto exchange in 2017 and Chinese users are gradually moving towards Defi. According to Chainalysis, a research company, China achieved its highest level in November 2019 in November 2019 and had fallen to 5 percent in June 2021.

In the 12 months to June, mainland china was associated with cryptocurrency activities of $ 256 billion-the highest in Asia-and 49 percent of the total volume were traded via defi platforms. Uniswap, one of the leading defi exchanges, is now the second largest stock exchange in East Asia after transaction volume, said Chainalysis.

While the latest restrictions hold offspring from entering the cryptoma markets, experts say that some existing cryptocurrency owners are turning to Defi in order to continue to act. Defi protocols do not have the same “know your customer” obligations such as the more regulated conventional stock exchanges.

chainanlysis found that countries with historically large institutional investors who are equipped with large crypto wallets-including the USA, China, Vietnam and Great Britain-played an oversized role in Defi. Large owners of crypto-assets are attracted to Defi because they enable them to achieve income from their coins. Users lend their crypto to defi protocols to provide liquidity pools for peer-to-peer loans. In return, investors receive part of the transaction fee or token premiums.

Industry insiders, however, warn that in the USA a stricter regulation of defi will probably be carried out, which could introduce KYC obligations that make it difficult for Chinese users to register new accounts.

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The Internet of (five) things

1. Clean up the "Frat Boy" culture of the gaming
Activision Blizzard, the 60 billion gaming giant behind Call of Duty and Candy Crush, has released 20 employees to clean his culture after allegations of widespread gender-specific discrimination and harassment. In a letter to the employees on Tuesday, the company said that 20 people also complained and would expand its ethics and compliance team, which is commissioned to create a "more accountable job". In August, hundreds of Activision Blizzard employees left protest after the management dismissed a lawsuit by the California state in which a "penetrating 'frat boy' workplace culture" was described as "irresponsible" and "incorrect".

2. Facebook opts for a third-party coin for his digital wallet
Facebook has started a long-awaited pilot project of his digital currency wallet Novi in ​​the USA and Guatemala, but has decided to use the Paxos dollar Stablecoin, after his own cryptocurrency had not received any support from the supervisory authorities. Users can download the app to iPhones or Android, register with an ID issued by the government and transfer money free of charge between wallets. Coinbase, the US cryptocurrency exchange, offers custody services for Novi.

3. Squid Game's pioneering success for Subs
Half Netflix, to double its new subscribers compared to the previous year, to exceed the forecasts and to signal a stronger at the end of the year because a flood of new films and television programs is published. The South Korean success drama released in September was the largest series start of the video streaming service to date and reached more than 142 million viewers worldwide. Netflix predicted that in the fourth quarter of this year it would win 8.5 million subscribers, over which 8.33 million from Wall Street expected, and would reach 18.4 million new spectators for the year. The largest increase in new customers came outside the United States, with the Asia-Pacific region contributed 2.2 million to paid net new customers.

4. Jack Mas Spain-vacation
Alibaba founder Jack Ma is vacation in Spain and is the first confirmed journey of the Chinese Internet tycoons outside China, since he conflict with the country's financial supervisory authorities at the end of last year. MA has only made a handful of reserved appearances in China since President Xi Jinping was blocked by President Xi Jinping in November, shortly after the Tycoon had publicly criticized the Chinese financial supervisory authorities in a speech.

5. WEWORK goes public
Wework will finally make his debut on the stock exchange after a 9 billion dollar fusion has been approved by the shareholders of a blank checks company, which ends the turbulent two-year way of the real estate group to the IPO. The shareholders of the Bowx Acquisition, a listed purpose company, Spac, voted on Tuesday for the transaction with WEWORK, so that the shared office space provider can be traded on the New York stock exchange from Thursday. WEWORK becomes a listed company with a much more modest profile than in his first attempt in 2019, and its rating of $ 9 billion is a fraction of the $ 47 billion, with which Softbank had rated the company the company months before the failed IPO.

Technical tools

The smartphones Google Pixel 6 and Pixel 6 Pro presented yesterday were rated positively. The hirties will run on Google's user-defined tensor chip and move away from Qualcomms SOS (system-on-chip), which can be found in most Android cell phones. Tensor enables new telephone functions such as speech recognition and translation based on artificial intelligence and machine learning.

The Guardian writes that the phone “aims to beat competitors in terms of camera and performance and to undercut it at the price”. The reviewers liked the selection of matt surfaces and high-end cameras. The company says that its cameras improve the existing photo technology in recording various skin tones and correct the tendency towards lighter skin. Integrated AI tools also enable users to delete unwanted objects from photos and correct blurred faces. The phones have wireless charging and a fingerprint reader in the screen, functions that can usually only be found in higher -priced hands.

The Pixel 6 will be available for £ 599 / $ 599, which is at least £ 170 than the newly published iPhone 13 and the Samsung Galaxy S21 Ultra, while the Pixel Pro is sold for £ 849.