Ethereum billionaire looks to invest in China
Ethereum, now worth over $50 billion, was co-founded by Anthony Di Iorio. The Canadian says two Chinese projects might be the next big things.
Anthony Di Iorio has made a fortune out of the crypto-currency sector. Early investments in Bitcoin and co-founding the Ethereum blockchain-based computing platform made the 43-year-old Canadian a billionaire. Still bullish on the crypto industry, he now looks towards Chinese blockchain projects for the next big thing.
In an interview with Bloomberg the billionaire singled out two projects that he is watching closely. “The biggest stake for me is in Qtum and VeChain right now, the two Chinese projects,” said Di Iorio, adding that “there’s much more opportunity in newer ones if you can identify them.”
VeChain (VEN) is the 17th largest crypto-currency by market capitalization with $1.7 billion and its blockchain platform facilitates supply chain management and financial services. Qtum, a decentralized open-source smart contracts platform and value transfer protocol, is at number 21 in the crypto chart with a market cap of $900 million.
Qtum founder Patrick Dai has recently been working to raise awareness for the project. “We will push Qtum once again to massive adoption… earlier, because [of] the regulation risk in China, we slowed down the marketing plan since December of 2017, then we focused on development work since the beginning of 2018, but we realized we still need more efforts on marketing,” he tweeted last month.
Di Iorio first made it big with Ethereum. The decentralized application (dApp) platform is now the second largest crypto-currency, valued at around $52 billion, and investors and traders got a boost last week when the US Securities and Exchange Commission declared that it was not an equity and therefore not subject to its stringent regulations.
In addition to VeChain and Qtum, China has its own version of Ethereum called Neo which is also a smart contract dApp platform. Neo has the potential to match Ethereum’s impact, though the recent bear market saw its price fall heavily from a January all-time high of over $160.
Competing Chinese crypto contender Tron is soon to part from the Ethereum blockchain and launch its own network. Founder Justin Sun, who is actively pursuing new partners for the entertainments-based platform, has close ties with Alibaba chief Jack Ma.
Despite recent price falls, Di Iorio remains very bullish on Bitcoin. “In general, it’s got amazing features and it’s got the ability to, because it’s scarce, be a great utility. Bitcoin, thinks Di Iorio, is “going to consistently do what it has been doing over the last year as more people start to use it. I think it’ll go up.”
Despite current market woes there are still many developments in cryptospace and a lot of these are taking place in Asia, which is already the trading hub for the industry. Those in the know are still looking east.
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