If you’re a member of the cryptocurrency and blockchain community you’ve likely heard of the prominent and at times eccentric Jihan Wu. Wu has been praised by many as one of the leading influential figures surrounding blockchain technology and his comments receive a lot of attention by both investors and developers.
Now, Wu is planning a new venture that many view to be both risky yet highly innovative at the same time - a plan to fund more than 20 central banks based on blockchain around the globe. This will be a much needed and daring venture coming at a time where the crypto markets are in a bearish cycle. This lends to the notion that Wu isn’t phased by a bear market and knows the inevitable future that blockchain holds.
Wu’s plans were announced at the DC Blockchain Summit 2018, which took place March 6-8 in Washington DC. After Wu discussed a diverse array of topics regarding blockchain in e-commerce and conventional commerce, he announced Bitmain was ready to make a big investment with a new idea.
“We at Bitmain are very interested in private central bank startups that are going to use blockchain technology to issue private currencies and set it as a service, in a legal way.”
“We would like to invest in 20 to 30 startups whose efforts are focused on this unique emerging economy.”
While Bitmain may only be four years young, they brought in more revenue in 2017 than Nvidia, an impressive feat surpassing a company that has been prevalent for over two decades.
Skeptics of Wu's venture feel that this may be the opposite of what cryptocurrency and blockchain are all about; however, at its core this could be the compromise blockchain enthusiasts have been looking for. Many companies are shifting their focus towards quick exchange systems in an attempt to steer digital currency back to its original intent - a medium of exchange for goods and services and investment opportunities.