Alibaba Group Holding (BABA), one of the world biggest e-commerce store and the largest e-commerce shop in China has had a surprise launch in the cryptocurrency mining field as reported by unconfirmed sources today. The platform known as P2P ‘Nodes’ was registered in October 2017.
Relaying this information from Internet service qq.com that stated Alibaba was launching its P2P Nodes’ platform which is a virtual currency mining platform after its registration in Nanjing, October last year was a crypto news information provider that is twitter based local, CnLedger. The information also stated and showed sings that Alibaba might in future incorporate the P2P Nodes with its e-commerce platform.
In a similar turn of events, Tencent, which is a Chinese internet tycoon, had registered a “Blockchain-related trademark” that was referred to as ‘Ether Lock’ or ‘Ethernet Lock.’
These decisions are a direct contradiction to the directives made by authorities in Beijing. Authorities in China had recently made known their intentions of reducing or minimizing the mining process of Bitcoin and virtual currencies. This also comes at a time regulators are in the process of eradicating centralized crypto-to-fiat kind of trading
The launching of this P2P Nodes marks a great milestone for Alibaba Group Holding (BABA), while taking into account its founder, Jack Ma who in December last year declared how not ready the world was in engaging in cryptocurrencies. Just around the same time of his declarations, in an interview with CNBC, Jack Ma revealed Alibaba’s efforts and research on the blockchain technology stating that they had spent a lot of time and efforts in it, but Bitcoin was not for him.
With China’s regulatory moves, it has somewhat added intensified the pressure on most cryptocurrencies with most of them having a red light in percentage changes in the last 24 hours of trading. Bitcoin currently trading at US$ 10,332.6 is a great example of how poorly the coins are doing. Well, according to coinmarketcap, only 3 of the top 100 digital coins are registering a positive score on the market.
Though the changes are not to be blamed on China’s decision, it is rather a challenging time and a surprise that Alibaba Group Holding (BABA), chose this time to launch their P2P Nodes platform amidst such a backdrop in the performance of digital currensies as well as a restriction by China.