Reading: Alibaba Dispels Cryptocurrency Platform Rumors [UPDATED]

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Alibaba Dispels Cryptocurrency Platform Rumors [UPDATED]

James Levenson | Jan 18, 2018 | 03:30

News

Alibaba Dispels Cryptocurrency Platform Rumors [UPDATED]

James Levenson | Jan 18, 2018 | 03:30


Despite yesterday’s market slide, crypto mania is still alive and kicking. More and more companies are investing in their own blockchain solutions and cryptocurrencies. It was thought that Chinese e-commerce giant Alibaba was doing so, but it now appears that such is not the case.


Editor’s Note: After this article was published, new information was found that showed Alibaba is not providing mining platforms or creating their own cryptocurrency. The company issued a statement on Weibo (Chinese Twitter) stating that the P2P nodes are the company’s content distribution network (CDN) business, not that of crypto mining or of virtual currency.

Original Article:

According to reports, the online shopping behemoth is launching its own crypto mining platform called P2P Nodes. This comes in the same month that China has vowed to crackdown on crypto mining, peer-to-peer trading, and local and international trading platforms, services, and groups.

Cloud Mining

There is little info about the real intention behind Alibaba’s move. However, it has been speculated that the system could be used to provide cloud mining services for its customers. P2P Nodes was registered in October last year, one month after the government banned crypto exchanges in the country.

The original story was posted by local media Tencent News, which translated as:

Alibaba has recently launched a virtual currency mining platform “P2P node”, from the terms of the service agreement terms platform, the main operating platform is Alibaba East China Ltd. It is reported that the company on October 10, 2017, has been completed registration, registered in Nanjing.

It has also been suggested that blockchain technology and cryptocurrency could be incorporated into the company’s e-commerce platform in the future.

Alibaba's Jack Ma during IPO

No Alibaba Coin

Alibaba chief Jack Ma has been standoffish towards the crypto space, stating that the world was not ready for it last year. This apparent U-turn is a bold move in a country that is determined to prohibit all forms of crypto trading. In a CNBC interview, the billionaire internet mogul went on to say:

I said honestly, I know very little about it, and I’m totally confused. Even if it works, the whole international rules on trade and financing are going to be completely changed.

At the present time, there is no indication that the online shopping giant is planning to develop its own cryptocurrency. However the company is evidently looking into crypto technologies to enhance their business operations and has spent a lot of effort researching them.

As large crypto mining operations, such as ViaBTC, leave the country, the news that one of the largest internet companies is planning to adopt the technology is a very positive sign.

Will China ever open up to crypto? Add your views in the comments below.


Images courtesy of Wikimedia Commons and Bitcoinist archives.


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