In yet another strong indicator that Binance is looking at China with renewed interest, the world’s largest cryptocurrency, has announced the launch of a blockchain research institute in Lingang, Shanghai. The institute has been named as “Blockchain Technology and Industry Research Institute.”
The institute will aim to work towards creating a think tank and talent hub for encouraging distributed ledger technology (DLT) innovation across China. Simultaneously, it will look to seamlessly integrate blockchian technology with other new age cutting edge technologies like AI, big data and machine learning.
Don Tapscott will be head of the institute and will also take the position of honorary dean of the institute.
Tapscott touted blockchain and DLT as “the second era of internet,” describing it as the internet of value. He added that blockchain technologies will be at the forefront of creating innovative and productive organizations in the coming years.
Binance’s Helen Hai, who is widely credited for creating the Lingang blockchain institute, said in a blog post: “Blockchain revolution will fundamentally alter the way we live, work and relate to no another.”
The Lingang institute possibly marks Binance’s renewed attempt to re-enter into the Chinese market, after it decided to shut down all its operations in Mainland China in 2017 following Chinese government’s crackdown on the cryptocurrency trading.
Back in November last year, rumors ran amok across the cryptocurrency community that Binance was planning to open a full-fledged office in China. However, this rumor apparently still hasn’t fructified into reality.
Binance is also evidently warming up to re-strengthen its position in the Indian market. Buoyed by Indian apex court’s recent favorable ruling, few weeks back the world’s leading exchange created a $50 Mn funding corpus for promoting the growth of Indian blockchain startup.
But much before Supreme Court’s favorable ruling, last year Binance took a bold decision of acquiring struggling Indian crypto platform WazirX for undisclosed amount.