Google takes 1% of JD; JD along other tech companies are the real crypto winners in China; Korea to postpone regulating crypto
June 18, 2018
Happy Monday! Everyday when I think there cannot be any more interesting news coming out of Asia, a big one gets announced. We learned this morning that Google just acquired about ~1% of JD, China's second-largest e-commerce player, with $550 million in cash, to go to market together in Southeast Asia and Europe. GGV partner Hans Tung says on Twitter "This marks the 1st US-China collaboration in internet sector...to go global together."
This partnership is a stamp of approval for JD and a recognition for China's growing influence in Asia, as Google has tried to enter the Asia markets on a continuous basis. More importantly, this investment actually speaks to the Chinese government's decision to allow a foreign company like Google to take share in one of the most important companies in China. They probably won't let Google own much more than 1% though...
In case you missed it, in the past weekend's Weekly, I discussed in detail why I believe JD along with Tencent/Alibaba/Baidu will be the main crypto winners in China. Check out the post below!
🌟 Top News
South Korean gov't had postponed the regulation of the cryptocurrency sector because it feared consumers will acknowledge it as the gov't legitimizing the crypto market. http://bit.ly/2MBffgw
💰 Coin and Exchange News
China blockchain-based social network company that founded Cryptodogs raised $16mn for Series A from a number of investors, including INBlock. http://bit.ly/2t7gJqo
Safe Haven is partnering with VeChain to offer digitized inheritances on the upcoming VeChainThor blockchain. http://bit.ly/2MBdoZ6
💼 Business and Regulation News
*Chinese Media* 51Job.com, a public-listed job site, had its user information hacked and the data is being sold for 12 bitcoins. Google translated link
Japanese prosecutors have arrested 16 individuals suspected of involvement in an ongoing criminal case of cryptojacking. http://bit.ly/2t6arYi
South Korea building out a dedicated blockchain technology center in the city of Busan, inspired by “Crypto Valley” in Switzerland’s Zug. http://bit.ly/2MCzx9d