The Blockchain Weekly Front Page is a CXO level briefing. Our mission is to serve the mainstream business community by selecting one major theme in the Blockchain Economy each week and three news stories to illustrate that theme. This is all you need to know, each week, jargon free for CXO level business leaders and investors who will use this technology to change the world, in your email inbox each Monday at 7am CET. 

For more on the format please click here.

Last week our theme was “Bridge to Blockchain mainstream adoption via the next bull market”.

There is no doubt that centralized exchanges (CEX), such as Coinbase and others, helped us reach this point. Centralized exchanges have been an important stepping stone in the development and adoption of cryptocurrencies.

Centralized exchanges are easy for new digital currency traders and some act as gateways, which allow fiat to crypto transactions. But philosophically, these centralized platforms couldn’t be further apart from the decentralized nature of blockchain and cryptocurrencies.

There are four main issues with centralized exchanges:

• Trust: The root problem with conventional currency is all the trust that’s required to make it work. Satoshi never envisioned centralized exchanges.
• Personal Documents: Centralized exchanges often require personal information and proof of identity, in order to deposit or withdraw to and from the platform.
• Security: With a single point of entry, it means they are accessible to hackers easily. If something goes wrong, on a CEX could end up losing all your crypto.
• High fees: Many well-known exchanges charge anywhere between 0.20% to 3% in fees, whereas a decentralized exchange mostly requires a small fixed fee, or in some cases no fee.

Today the bulk of cryptocurrency trading takes place centralized exchanges, yet more than 30 of them have been hacked, since 2013. According to ConsenSys: “99% of cryptocurrency transactions still go through centralized exchanges; this trend is expected to be reversed in the coming years.”

Currently, there are over 200 exchanges, compared to 70 exchanges in March 2015. Every day, billions are being traded on cryptocurrencies exchanges. Centralized exchanges generate massive profits from trading fees. In exchange for their services, traders are charged different fees, such as trading fees, withdrawal fees, deposit fees, etc. The top 10 exchanges generate as much $3 million a day in fees, according to estimates by Bloomberg.

The biggest problem for centralized exchanges is security. There are lots of examples of high profile thefts, the biggest being Mt. Gox in 2014, when 850,000 Bitcoins belonging to customers and the company were stolen, an amount valued at more than $450 million at the time.

Decentralized exchanges (DEX) are gaining popularity, because they enable users to trade peer-to-peer in an automated way and ensure that funds are not vulnerable to thefts.

We are already seeing this shift take place. In fact, two of the largest centralized exchanges are planning on launching decentralized versions of their platforms.

Bithumb, currently the world’s sixth largest by daily traded volume based on CoinMarketCap, will launch a decentralized crypto exchange in 2019. Bithumb is planning to use R1, a decentralized exchange protocol that was developed by OneRoot Network.

The Bithumb announcement follows that of  Binance, which is also set to launch a decentralized exchange by 2019. Binance CEO, Changpeng Zhao, on an interview at CNBC’s Crypto Trader (youtube video), said  that he believes decentralized exchange is the future of the crypto market:

“I believe that decentralized exchange is the future. I don’t know when that future will come yet. I think we’re at an early stage for that so I don’t know if it’s a year, two years, three years, or five years. I don’t know but we got to be ready for it”

Another key difference between centralized and decentralized exchanges is the middleman. On a decentralized exchange, a middleman doesn’t exist. Smart contracts power everything, and a decentralized exchange is able to operate autonomously. Smart contracts on a DEX, allow buyers to connect directly with sellers to trade, without the need for a third party.

In the case of DEXs, fees still apply to use the exchange, but they are often less than their centralized counterparts and in some cases zero.

In a recent article I read about Plutus, that is enabling users to convert and spend their cryptocurrencies without paying any fees through their decentralized exchange. PlutusDEX is a decentralized exchange on the Ethereum network, that facilitates the trading of Bitcoin, fiat currency and their token, the Pluton. PlutusDEX allows users to purchase cryptocurrencies directly from each other on the exchange without paying any fees. I love a free lunch, but there are not free lunches in this world. As stands now, this platform is cost-efficient for users, especially when you compare it to other centralized and decentralized exchanges.

While decentralized exchanges offer more security and control, investing through a DEX is even more complex than investing through a centralized exchange. Most DEXs struggle with liquidity, and lack fiat payments.

Liquidity is a vital element for any of the marketplace. Trading volumes on decentralized exchanges are minuscule and there is always the risk that traders will not get the best price for their trades. Bancor, the most liquid decentralized cryptocurrency exchange,in the last 24 hours had less than a $1 million in trades, a very small fraction of the volume of other exchanges.

Theoretically, governments and regulators cannot shut down a DEX because it is decentralized. While centralized exchanges are scrambling to get licenses in order to keep running, for now decentralized exchanges don’t really have to. It’s difficult for regulators to hold these exchanges accountable, since traded funds never pass through a centralized wallet and the entire process is peer-to-peer.

Decentralized exchanges represent a very small fraction of trades, which is why they are not on regulators radar. But as their trading volumes grow, we can expect regulators to take notice and try to regulate their transactions.

While decentralized exchanges are relatively new, most market participants agree they will be a big part of the future. As we evolve from centralized to decentralized, transactions will get faster, fees lower and security higher. Centralized exchanges dominate the market, but as DEXs mature they will become an appealing alternative and both will co-exist, each fulfilling its own unique purpose.

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Ilias Louis Hatzis is the Founder & CEO at Mercato Blockchain Corporation AG. He writes the Blockchain Weekly Front Page each Monday.

The Blockchain Weekly Front Page is a CXO level briefing. Our mission is to serve the mainstream business community by selecting one major theme in the Blockchain Economy each week and three news stories to illustrate that theme. This is all you need to know, each week, jargon free for CXO level business leaders and investors who will use this technology to change the world, in your email inbox each Monday at 7am CET. 

For more on the format please click here.

Last week our theme was Gaming on Blockchain.

Cryptocurrency prices have been tumbling since the beginning of the year and many are debating if they will recover. In the last nine months, even after an 80% correction for cryptocurrencies and a 69% drop in the price of Bitcoin, the cryptocurrency industry has continued to grow stronger, with the stakes remaining very high.

The sentiment about long-term potential for cryptocurrencies and blockchain, still remains bullish. At least 59% of accredited and 72% of retail investors confirm they are planning to buy more coins in the next 12 months, according to a survey published  this summer by investment platform SharesPost.

This is driving many companies to double down. The big bet is on how to bring in the next wave of retail crypto traders and investors.

Let’s face it, despite the allure of owning digital assets, most people don’t want to, or don’t know how to safely manage their private keys. Most people need something fast, reliable, mobile and intuitive, that will make it easy to get into the crypto market. And what we’ve been seeing is exactly that. Crypto companies creating mobile-friendly fiat on-ramps.

Coinbase is one of of the companies, and it recently announced the Coinbase Bundle, a market-weighted selection of the five cryptocurrencies. Users can buy a bundle of five cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ethereum Classic) for as little as $25.

On Twitter the Coinbase posted: “Bundles are a new way to buy crypto on Coinbase. You decide how much to spend. We deliver a market-weighted distribution of assets in your wallets.”

The Coinbase Bundle will launch in the United States and Europe over the next few weeks. Functionally it’s almost just like the Coinbase Index Fund. The main difference is that the Coinbase Index Fund is designed for accredited and more sophisticated investors, that want to spend a lot of money on crypto, while Coinbase Bundle is for unaccredited and unsophisticated investors. The name alone denotes its a cheaper investment vehicle. Investing in a Coinbase Bundle might be a quick and easy way to buy crypto, but it doesn’t necessarily minimize the risk, if for example the coins in the bundle take same downward direction.

We have also seen other companies, Revolute, Robinhood, Square and eToro, integrate crypto in their retail offerings, resulting in huge growth to their customer bases.

The Coinbase announcement is strategic for their position in the retail market, especially when you couple it with the announcement of Coinbase Learn,  which tries to give basic knowledge to cryptocurrency newcomers, and Coinbase Asset Pages, a service similar to Coinmarketcap, that has detail information about the top 50 coins in the market.

This launch comes in the middle of fierce competition, which is going to get even more fierce. I think we can expect for the rest of 2018 to see more and more crypto custodians, with unique service offerings that cater to the retail crypto investor.

We are also seeing a lot of mobility from crypto companies, with plans to IPO. This week, Bitmain, the largest mining company in the world, filled for an IPO. Some are claiming that Bitmain is trying to untangle itself from the mess they’ve created and they see the IPO as a means to an end.

But, we’ve also been reading about Binance, Robinhood, Huobi, Canaan, Ebang. Lets not forget all the speculation and rumors about the Coinbase’s IPO in 2018. Also, in August, we had Argo, a mining operation, that listed on the London Stock Exchange, raising £25 million (USD $32.5 million) in investor capital.

If blockchain is the “internet of money”, then an IPO by unicorn crypto company, overseen by very serious regulators on an exchange like Nasdaq, would be a Netscape moment for the entire market. It would add another level of legitimacy to cryptocurrencies and blockchain, bring in serious money from both institutional investors and average consumers and potentially drive mainstream adoption by millions worldwide.

Yet, the single hardest problem in all of crypto is the on-ramp. Taking people’s money and handing them crypto for it. A couple of ex-USB bankers are trying to make it easier and bridge the crypto and fiat worlds.

They launched Seba Crypto AG, a Zug-headquartered company and secured 100 million Swiss francs ($104 million) from private and institutional investors. Their goal is to launch the world’s first regulated bank, that lets consumers easily swap dollars and euros into cryptocurrency.

Seba wants to be just like a normal bank, offering clients asset management products and investment banking services, but also allowing them to have both their crypto and fiat accounts under one roof. Investors will be able to securely use fiat cash from their accounts to invest directly into cryptocurrencies, while receiving full protection.

Banks have been hesitant to work with an industry, in which due diligence checks were rarely performed during ICOs a year ago. This has caused an enormous strain to crypto startups, that have faced problems with banks that refuse to open bank accounts for them, primarily because of concerns related to anti-money laundering rules.

The challenges of integrating into the traditional financial system, has driven many startup to seek out alternatives in countries such as Liechtenstein, Gibraltar and Malta. While there are some banks in these jurisdictions that allow cryptocurrency companies to open a bank account, the process can be grueling and the fees much higher than for normal accounts.

In an effort to ease the pain of cryptocurrency startups, the Swiss Bankers Association (SBA) published new guidelines for opening corporate accounts for blockchain startups. The aim is to make it easier for banks to deal with cryptocurrency startups, while lowering the risks involved in offering services to the crypto industry.

In the crypto world, SEBA is not the only company that is trying to build a crypto bank.  Bank of America has filed a patent related to cryptocurrency custodian system. BoA is proposing a computing system that will act as digital vault storage for the crypto assets of large-scale enterprises. Also, Circle is attempting to secure a banking license in the United States.

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Ilias Louis Hatzis is the Founder & CEO at Mercato Blockchain Corporation AG. He writes the Blockchain Weekly Front Page each Monday.

The Blockchain Weekly Front Page is a CXO level briefing. Our mission is to serve the mainstream business community by selecting one major theme in the Blockchain Economy each week and three news stories to illustrate that theme. This is all you need to know, each week, jargon free for CXO level business leaders and investors who will use this technology to change the world, in your email inbox each Monday at 7am CET. 

For more on the format please click here.

Last week our theme was Regulations on Blockchain.

Blockchain is a real game-changer and is already disrupting a number of industries. Finance, healthcare, real estate, government, energy, art are a few that are already integrating blockchain into their operations. The real disruption that blockchain brings, is the way it establishes trust, through collaboration and code, rather than a central authority.

Gaming is another industry that is joining the blockchain express, with several projects that are already picking up steam. The union of gaming and blockchain is inevitable and the impact of this evolution is set to be just as significant as the emergence of online gaming a decade ago. Blockchain and tokenization are enabling video games to offer users more value and rights to their in-game digital assets.

On DappRadar.com, a platform that lists decentralized applications, we see that gaming is in the top 3 most popular categories, right up there with exchanges and gambling. More than 350 games have been developed, and while only 100 are currently active, new ones are released every week.

The problem that plagues gaming is the inability to prove the provenance of specific virtual items, leading to fraud. Smart contracts allow users to be confident that they are receiving authentic items since they are tethered to the blockchain. Exchanging such in-game items has become a lucrative industry, estimated to be worth $50 billion, that is expected to increase in size rapidly.

Most blockchain games store your items on blockchain, tying them to your Ethereum wallet and making them permanently your own. The first generation of blockchain games was solely based on this principle and they were focused on collecting unique assets and trading them, for fun, profit, or both. The authenticity of individual virtual items is guaranteed using smart contract standards such as the ERC-721 non-fungible token standard and the newer ERC-1155 implementation.

CryptoKitties, one of the most popular blockchain-based games, raised 12 million in a round led by Union Square Ventures and Andreessen Horowitz and was the first game that started this trend.

Game developers are designing new methods to run online games securely, privately, and efficiently using blockchain technology. Players can form teams in new and existing MMORPGs, record their accomplishments securely and permanently, pay and exchange in-game resources or share rewards, like tokens or in-game currency.

One of the projects moving in this direction is the team behind the Angry Birds development platform. Earlier this month, Cocos-BCX raised $40 Million for a blockchain Gaming Network, to help take gaming to the next level with crypto. Their vision is to become an end-to-end platform, where more than one million currently active game developers can build, deploy, operate, and manage games across multiple blockchains. In a blog post, the company suggested that blockchain technology will help in widening the relationship between developers and gamers, as the technology creates a more transparent community around game mechanics.

Today, the gaming industry is thriving, with two billion people and projected revenue growing from $116 billion in 2017 to $143 billion by 2020 and big players are shifting gears to embrace blockchain.

Ubisoft, a gaming manufacturer, is exploring how blockchain games can help players, as it looks beyond gaming for future possibilities. For gaming industry, blockchain is a logical next step in this evolution, since players have long been familiar with virtual currency and fungible items in the gaming world.

The growth of blockchain gaming apps is primarily driven by the industry’s progressive attitude towards new technologies. But that is not the only reason.

For many small startups in the gaming industry, blockchain is allowing them to sell items and raise money fairly quickly. It’s bringing the player community into the development because they’ve put skin in the game essentially. If the game is successful, they’re able to take those items they purchase and turn around and sell them to other players who missed out on the initial game offering.

But blockchain games, still have some important issues to resolve, specifically transaction time and fees.

On Ethereum, the most common platform used for gaming apps, to buy a $1 item could cost you $2 in gas fees, and 10 to 15 minutes in waiting to get that actual item. Developers are already exploring other blockchains that can help address these issues. Currently, nChain, a global leader in research and development of blockchain technologies, is already looking at ways to allow for the migration of Ethereum-based tokens to BCH.

While EOSBet Dice was hacked for roughly $220,000, the online gambling industry was estimated to be worth $40 billion in 2015 and is projected to keep growing.

This has attracted a lot of cryptocurrency and blockchain startups to the space, that are trying to disrupt it. It turns out that gambling, not buying crypto kittens, is one of the most popular applications on the blockchain. According to Bloomberg, over a 24-hour period the Fomo3D app attracted more than five times the number of users than CryptoKitties.

Casinos are all about the trust between players and the house, and that trust is very often abused to the fullest extent. The integration of blockchain technology in the gambling industry will resolve concerns and problems that the online gambling community has been facing, that have to do with gaming results and intentionally hidden winnings and payouts to avoid public scrutiny.

We’re still in the very early days of the technology, but blockchain will have a massive impact on all aspects of the gaming and gambling worlds. Tokenization of virtual goods, improving betting as well as payments, are just but a tip of the iceberg.

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Ilias Louis Hatzis is the Founder & CEO at Mercato Blockchain Corporation AG. He writes the Blockchain Weekly Front Page each Monday.

The Blockchain Weekly Front Page is a CXO level briefing. Our mission is to serve the mainstream business community by selecting one major theme in the Blockchain Economy each week and three news stories to illustrate that theme. This is all you need to know, each week, jargon free for CXO level business leaders and investors who will use this technology to change the world, in your email inbox each Monday at 7am CET. 

For more on the format please click here.

Last week our theme was Institutions moving into trading on Blockchain. A related theme is Regulation, which we cover this week.

Ten years ago on September 15th, the Lehman Brothers collapse rocked the entire world, triggering the financial crisis of 2008. It happened just 110 days before a new revolution was born: Bitcoin.

“The root problem with conventional currency, is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.“ —Satoshi Nakamoto

Bitcoin was born in a time, when the trust we showed in banks failed. For many, including myself, trustless money holds answer:

“I’ve developed a new open source P2P e-cash system called Bitcoin. It’s completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust.”

Could Bitcoin and blockchain have saved Lehman and averted the financial crisis? An accurate and immutable record of all of Lehman’s transactions on blockchain, in combination with smart contracts could of helped identify the abnormalities about the bank’s creditworthiness, alerting the right people ahead of time, so they could take necessary actions to prevent everything that followed.

Ten years later, while Bitcoin and the entire crypto ecosystem has reached a $195 billion dollar market cap, it has also reached a crossroads. It could achieve real-world adoption, but plenty needs to happen, most importantly, regulation and consumer protection.

In recent news two new stablecoins have been approved by regulators. The New York regulator approves Winklevoss, Paxos dollar-linked tokens. The first being the GUSD by Gemini, and the second PAX, Paxos Standard Token.

These two new coins work just like other fiat-backed stablecoins, They are pegged 1:1 with the US dollar. Before GUSD and PAX, there were a couple of others, Tether (USDT) and TrueUSD (TUSD).

But up to now, Tether has been plagued by controversy for its transparency. Many claim that Tether’s supply is not fully backed, by its dollar reserves. So, the emergence of fully audited, legal and licensed stable cryptocurrencies is big news, that will have a profound impact on the market.

Gemini Trust Company LLC, the issuer of GUSD, is registered in the US and is regulated by the New York State Department of Financial Services (NYDFS) and the US federal department. The company, promises to publish monthly capital verification reports issued by third-party accounting firms.

Regulated stablecoins are a new frontier of growth, because they tackle two major important issues:  trust and volatility.  The truth is that the USD isn’t going out of fashion, any time soon. The easier it is to send money around the world and to get into and out of crypto, the faster the crypto economy can grow.

In other news a US Judge Rules ICO Frauds Fall Under Securities Law. In Brooklyn, New York, District Judge Raymond Dearie affirmed securities laws could be pertinent in a case concerning two fraudulent ICOs. The defendant in the case supposedly misrepresented the amount of money the ICO as able to raise, claiming the company took in $2-4 million dollars, when the actual amount was closer to $300,000.

This is a landmark judgement, with far-reaching implications for the ICO market. The ruling creates a precedent that U.S. securities laws apply to ICO token sales.

The attitude toward ICOs is shifting around the world, and we’re seeing most countries take some kind of stance, ranging from official recognition to open defiance.

While we’ve been reading that the ICO Market Has Hit the Brakes, the reality is very different. Running an ICO is not longer a walk in the park, but investments in 2018 have been impressive. Collectively, ICOs in 2018 have already raised $11.7 billion, 10 times more than ICOs Q1-2 2017.

Initial coin offerings offer incredible opportunities and we can expect the market to continue to grow. But we can also expect consumer protection to be very high, in an effort to protect investors from bad actors and fraud.

Teams that plan ICOs should be very careful and make sure to be compliant with regulators. Even in absence of a well defined legal framework, they should take proactive steps, to avoid getting into hot water later on.

Last but not least for today, FBC Bitcoin Fund Now Eligible for Accredited Investor RRSP and TFSA Accounts.

First Block Capital announced FBC Bitcoin Trust, the first regulated Bitcoin fund that has achieved mutual fund status in Canada.

High-net-worth investors can now hold Bitcoin investments in their registered accounts, including registered retirement savings plans and tax-free savings accounts. The fund is available only to accredited investors and will offer the same easy and efficiency of trading as ETF funds. The trust is available on NEO Connect, under the ticker FBCBT. It has removed the 30-day redemption clause and has now enabled daily settlements.

The trust gives investors exposure to Bitcoin without having to acquire, hold, or manage the actual asset. The trust has been approved by the British Columbia Securities Commission (BCSC) and Ontario Securities Commission (OSC) and it marks the first and only product of its kind that is approved in Canada.

Currently, the FBCBT has approximately $20-million in assets under management, a significant drop from its peak of $40-million last year.

Despite the drastic decline in the price of Bitcoin, we can expect the price to go up. Currently around $6,500, BTC has settled down since price spike last December, that was mostly driven from speculation and the market getting ahead of itself.

Despite the overwhelming sense of a bear market, there is a lot going on everywhere around the world, which could trigger the next bull run in the coming months.

The Lightning Network continues to make advances and more channels open every day. The upgrade should allow Bitcoin to handle a far greater number of transactions and lower transactions fees. Then there is news like Bakkt which is set to launch this November. The platform, backed by ICE, Microsoft and Starbucks, will make exposure to BTC easier than ever before, for both retail and institutional investors.

Like anything else, trust and utility are two of the crucial factors that can drive the price of BTC. If people can trust Bitcoin and find ways of using it, you can count on the price to surge far beyond anything in the past.

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Ilias Louis Hatzis is the Founder & CEO at Mercato Blockchain Corporation AG. He writes the Blockchain Weekly Front Page each Monday.

Since the afternoon of September 10th, a video clip of a conversation between Xu Mingxing, CEO of OK group and police officers in Shanghai has been circulating in China’s media platform.

Soon the news becoming Xu Mingxing was taken by the police to assist an investigation. Many individual investors came to the police station to file allegations against Xu Mingxing on swindle the second day.

Media reporters managed to reach out to Xu Mingxing on September 12th. During the interview, Xu explained what on earth has happened and the reasons behind.

Original interview can be read here.

Xu also said he does not suggest Chinese users to engage in digital assets trading and he does not think it’s a good idea for ordinary users who are not specialized in risk control and trading to participate in leveraged deals.

On the incident in Shanghai

Q: Several OKEx users whose crypto position was wiped out due to leveraged deals have filed allegations to Shanghai’s police office. According to the description of witnesses, those users have called police on you. What have you been through on that day?

A: No one called police on me. Some strangers knocked my door so I called the police and briefed them.

Q: Investors have filed allegations against you and your company for fraud and swindle. How do you want to respond to that?

A: It’s everyone’s civil right to call police when they are accused of fraud, theft, robbery or battery. Police will also ask you to make a brief.

So when someone called police on me in Shanghai, I went to the police station to make a brief and to prove that I did not commit frauds. I don’t think my behaviors constitute fraud. The one who called police on me has never made wire transfers to me or my companies, nor did he sign a contract with me. I have nothing to hide. I never committed frauds.

After I finished my brief, I left the police station.

Q: But the informant was a victim of the leveraged deals on OKEx. He believes that OKEx is your company.

A: I’m not legal representative of OKEx, nor its shareholder, board member. OKEx is a Malta company.

On the leveraged deals

Q: What’s your opinion on the leverage tools provided in digital asset exchanges?

A: Leverage deal is invented by mathematicians and financial workers. It is designed for arbitrage and hedge deals. Leverage is a neutral tool. But there is a lot to learn in its application. It’s harder to handle and requires much more professional knowledge on risk management.

One major risk regular investor will meet in leverage deal is out of position. They need to have enough margin to run leverage deals. When their account can’t meet the requirement of margin call, they will be out of position.

Leverage is a tool to optimize user’s trading strategy.

Q: If leverage deal requires professional knowledge, should exchanges set a few restrictions to keep it away from regular users?

A: Leverage deal is not suitable for regular users. When your deals are leveraged, the rate of profit/loss is amplified. I do not suggest Chinese users to engage in digital assets trading and I do not think it’s a good idea for ordinary users who are not specialized in risk control and trading to participate in leveraged deals

On digital asset exchanges

Q: What’s your opinion on digital asset exchanges?

A: Digital asset exchange is under different regulation in different districts. In China, all the crypto-related business is forbidden. And exchanges in China have all been shut down last year.

In US, you need to acquire licenses from FinCEN and MTL to run a crypto exchange platform. If the tokens on your platform are considered as security, you will also be regulated by SEC.

Anyway, digital asset exchange is clearly prohibited in China.

Q: As far as I know, Chinese exchanges like OKEx, Huobi, Binance are still serving Chinese users.

A: As far as I know, most of the users are non-Chinese users in those platforms. Some Chinese users might be using VPN to access to them.

On Xu Mingxing himself

Q: OKcoin has set an office in Shanghai, what do you come to Shanghai for?

A: We have acquired an instrument examination company in Shanghai in 2016. The office belongs to that company.

We are working on blockchain technology and have set up OK Blockchain engineering lab. We want to explore blockchain in a higher level. That’s what I’m doing now.

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Zarc Gin is an analyst for Warp Speed Fintech, a Fintech, especially InsurTech-focused Venture Capital based in China.

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