Alibaba Enters the Crypto World

In a recent development, one of the world’s e-commerce retailers, China’s Alibaba, has developed a cryptocurrency mining platform.

by Pavel Velichkov
16 January • 2 min
In News

In a surprisingly recent development, one of the world’s e-commerce retailers, China’s Alibaba, has developed a cryptocurrency mining platform, various Chinese media reported, citing sources, as quoted by Twitter-based news feed cnLedger.

In December, Alibaba’s founder Jack Ma said that the world might not be ready for the advent of widespread cryptocurrency use. Alibaba’s actions just a month later, though, speak louder than his words and say nothing but the opposite.

Also in December, Ma admitted to CNBC that Alibaba put a lot of resources and efforts into researching Blockchain technologies, but disappointing results let him believe that dealing with Bitcoin was not his destiny.

 

What is More to Alibaba’s Story

Another surprising aspect of this development is the context and environment in which it is taking place. The Chinese government has made it clear that it does not wish to deal with cryptocurrencies at all. China has stated it wants to gradually step away from its leading Bitcoin mining country position and its regulators are still fighting hard to shut down any crypto-to-fiat exchanges that might still be out there in the country.

According to qq.com, cited by cnLedger, Alibaba has finally launched its P2P Nodes platform which was registered back in October 2017. cnLedger speculates that at a later period P2P Nodes may be merged with an e-commerce platform.

Such an influential and big company’s actions cannot happen without causing ripples in the pond. Chinese conglomerate Tencent has also ventured in a quest of joining the crypto world by registering a Blockchain-related trademark that is referred to as Ether Lock and sometimes Ethernet Lock.

It remains to be seen how China’s regulators are going to play with its own big businesses who seem to have a will of their own. Due to the latest regulations from the government, Bitcoin has lost almost 15% in value, and altcoins – even more.