Tencent’s Finally Marching into Web3

February 26, 2023 Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Metaverse, NFTs, Enterprise, FinTech and Alternative Finance, Fintech International, Fintech Services, Fundraising, Investing, Trading, Innovation and Resources, Venture Funding and Building, Web3, Decentralization, DAOs No comments

TechCrunch | Rita Liao | Feb 22, 2023

Image: Tencent Cloud

China’s web3 community is rallying around the news of Tencent’s march into the decentralized land.

Interest and backing: On Wednesday, the social and gaming giant held its first global web3 summit in Singapore, which has emerged as a refuge for China’s blockchain developers after Beijing cracked down on cryptocurrencies in 2021.
- It’s hard to overlook the timing of the event. On Monday, Hong Kong announced plans to let retail investors trade Ether and Bitcoin starting in June, a boost of confidence that China might have softened its stance on cryptocurrencies.
- Indeed, Bloomberg reported yesterday that Hong Kong’s ambition to become a crypto hub had “quiet backing” from Chinese officials.
- Partnerships: Tencent Cloud is also partnering with a few other popular web3 infrastructure builders, including Avalanche, a blockchain that focuses on speed and low transaction fees; Scroll, a Layer 2 scaling solution for Ethereum; and Sui, a relatively young Layer 1 blockchain created by ex-Meta employees.

See: NFT Use Cases are Establishing New Legal Frontiers

Digital collectibles: Like its peers, Tencent branded its NFT platform as a “digital collectible” marketplace and prohibited secondary trading after China warned of speculation around non-fungible tokens. Huanhe, its digital collectible platform, shut down only a year after launching.

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