Why Are China’s Tech Tycoons Excited About Facebook’s Crypto & Blockchain?

Facebook’s Libra, a to-be-launched crypto asset to be backed by a blockchain, has drawn support from all across the globe. Everyone from mainstream media and Bitcoin (BTC) pundits to technology all-stars have expressed excitement for the project. Most interestingly, however, tycoons of Chinese business have recently come out in support of the project, which has been formally endorsed by Visa, PayPal, a16z, Coinbase, Spotify, Uber, Booking Holdings (Booking.com, Kayak, etc.), and countless other corporate giants.

According to cnLedger, a Twitter user that has become the go-to source for China-centric Bitcoin news, the founder of Tencent, Pony Ma, has openly endorsed Libra. In a comment, the billionaire, who founded the company behind WeChat, Fortnite, League of Legends, Clash of Clans, and other massive brands, remarked that he believes that Libra’s technology is “very mature.”

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