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Chinese Businessman Buys 27 percent Stake in US-owned Cryptocurrency Exchange

Chinese Businessman Buys 27 percent Stake in US-owned Cryptocurrency Exchange

Reading Time: 2 minutes by on December 24, 2017 Blockchain, Business, Commentary, News

The mere mention of the term ‘blockchain’ has a magical effect on the stock prices of companies who have integrated the technology into their operations. For example, Longfin Corp shares went from trading at just above $5 per share to over $142 after it announced it had acquired blockchain firm

Bruno Wu Joins Cryptomania To The Moon

Similarly, the stock price of Seven Stars Cloud Group Incorporated (SSC) has risen approximately 62 percent since it announced it has successfully bought a 27 percent stake in Delaware Board of Trade Holdings Incorporated, of which is a blockchain-based firm. The above are just a few examples of companies that the blockchain has “taken to the moon.”

SSC is predominantly a Chinese Cloud-based Business-to-Business solutions provider with a significant focus on supply chain and digital finance solutions using artificial intelligence (AI).

Bruno Wu, a Chinese business mogul and owner of Seven Stars Cloud Group, now owns 27 percent stake in the Delaware Board of Trade Holdings, Inc. (DBOT). According to reports, DBOT is the only blockchain-based cryptocurrency trading platform fully licensed by the Securities and Exchange Commission (SEC).

According to the New York Post, Mr. Bruno Wu has the intention to trade bitcoin-based securities. As reported by the post, the deal is worth approximately $2 million.

As well as becoming one of the largest stakeholders in DBOT, the membership puts CRO and Seven Stars president Robert Benya on the development board. Strategically, the two groups plan to unveil Initial Exchange Offerings (IEO) to tokenize ETFs and also settle them.

John F. Wallace, CEO of DBOT, also reported that he and his associates “are thrilled to further partner and form a deeper business relationship with SSC as DBOT and its various business lines become key engines that power SSC’s Global Trading Platform Network for Initial Exchange Offerings.”

For Wu, this might just be the beginning of bigger things to come, because the blockchain, bitcoin and cryptocurrency ecosystem is a relatively new market with infinite possibilities. It remains to be seen how much more profit Wu’s Blockchain ambition would bring to the SSC Group.

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