The city is talking about the distributed storage network project Filecoin, as FIL was the best-selling token on Huobi, OKEx and Gate on Thursday. These three exchanges contain a predominantly Chinese user base and account for most of the Tier 1 trading volume for large pairs. On Thursday afternoon, Huobi’s trading volume for FIL tripled more than BTC, when the price reached a seven-day gain of 170%.
Filecoin has been very successful in attracting the attention of Chinese investors, including large investment groups such as Fenbushi Capital, SNZ Capital and EcoFund Neo. The three were part of a group that supported the $ 23 million Filecoin Ecosystem Fund, which was announced on March 25. The Filecoin Ecosystem Fund aims to support projects and facilitate the development of the network. It can also give sponsors early access to new businesses, which is a lucrative model for venture capital in an increasingly crowded investment space. It remains to be seen which of these two results has a higher priority for the funds involved.
On March 28, OKEx released a video explaining the terms Filecoin, which received approximately 600 messages and 3400 likes on Weibo. This indicates a high level of interest from the Chinese retail public, a demographic that is difficult to attract and difficult to maintain over long periods of time.
NFT in Beijing, Polkadot in Hangzhou
On March 26, BlockCreateArt hosted a major NFT art exhibition in Beijing with the support of Christie’s, digital finance group and producer of mining platform Bitmain. Interest in digital art in China has increased on some levels, but cultural and artistic differences have led to a more pragmatic approach to cutting-edge digital artists such as Beeple. The exhibition ends in Shanghai in early April.
Hangzhou hosted the Open Days blockchain exhibition sponsored by the Candaq Fintech Group. The event had one room dedicated to Polkadot projects, including speakers from Rarelink, Litenty and Phala. The upcoming parachute auctions have become interesting thanks to many local projects and projects related to the area being built on Polkadot.
The central bank governor says that the digital yuan is catching up
The head of the Digital Currency Research Institute for the People’s Bank of China realized that the private payment systems Alipay and WeChat Pay dominate the Chinese payment area. During his speech to the committee, Wang Changchun indicated that a state digital currency will be needed to maintain stability in case something happens with existing solutions. So far, WeChat Pay and Alipay do not appear to be facing the imminent risk of losing market share, but this could quickly change if government incentives are introduced for those wishing to migrate to the new platform.
In corporate news, IM Motors, an electric car maker working with SAIC Motor and Alibaba, announced a blockchain-based service network that will encourage customers to share data with the company. To achieve a certain level of traceability and protection against unauthorized access, points in the chain will be awarded to customers who use the car and associated applications.
The blockchain network has been touted as exclusive and private, so while it represents a small normalization of blockchain technology, it probably has a lot to do with more centralized storage networks.