OKCoin’s Parent Company Offers $100M to Support EOS

OK Blockchain Capital announced that it will be providing a $100 million slush fund for projects within the EOS network that it finds promising.

Miguel Gomez,
1 hr ago


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OK Blockchain Capital, a venture capital company owned by OK Group, just announced its enthusiastic support for the EOS network in the form of $100 million for projects that make use it.

“After studying EOS’ technology, evaluating its capabilities and the EOS community in the past year, we have decided to form our first blockchain ecosystem partnership with EOS.io. OK Blockchain Capital will fully support EOS.io’s growth and expansion strategies,” said the company through OKCoin’s website.

Star Xu, founder of OK Blockchain Capital, will be at the helm as a consultant for the EOS supernode.

In its announcement, the company also said that it will add more incubators in countries like the United States, Singapore, and Switzerland to its active bases in Hong Kong and South Korea.

The $100 million will also be targeted at promoting EOS circulation around the world and ensuring the success of startups that use its blockchain.

After the announcement was made, the price of EOS jumped to $10.50, up from $9.29 the prior day.

OKCoin, a company based in Beijing, just recently started expanding its operations to South Korea, perhaps because of fears that the political situation in China with regards to cryptocurrencies could force the exchange out of the country anyway.

Contrary to previous months, there is a glimmer of hope for cryptocurrency operators still working out of China as Yi Gang,  the newest governor of the country’s central bank called for the organization to start “exploring a better way for digital currency to play a more active role [...] in the real economy.”

With less political pressure to face, companies within OK Group would have the flexibility to pursue more projects expanding the cryptocurrency universe by injecting capital into promising projects.