Bitmain Wants to Invest into Startups Related to the Creation of Central Banks on Blockchain

The co-founder and head of Bitmain Jihan Wu said that the company sees great prospects in the development of private central banks using blockchain while giving a speech at the DC Blockchain summit.

During the speech, Wu examined the differences between central banks using fiat money and rapidly developing cryptocurrency solutions. He considers the latter to be more promising due to the use of the blockchain technology.

Concluding the speech, Jihan Wu said that Bitmain will gladly invest into 20-30 startups creating private central banks on blockchain to issue private, legalized cryptocurrencies.

Wu explained: “We at Bitmain are very interested in private central bank startups that are going to use blockchain technology to issue private currencies and set it as a service, in a legal way. We would like to invest in 20 to 30 startups whose efforts are focused on this unique emerging economy”.

The head of Bitmain added that the decrease in the price of Bitcoin is noticeable now, which is happening because of the lack of an ideal virtual currency. The market needs alternatives, he said.

Summing up, Wu stated that most of the tokens on the market will be recognized as securities and will be adjusted accordingly. Nevertheless, in his opinion, regulators should begin to prepare a response to business innovations of this kind.

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