Henbbo Fund Increases Its Presence in China's Growing Crypto Market
China's economy has long been a global leader in a number of key indicators. And given the country's enormous human potential of 1.4 billion people, the prospects for development in all areas of business here are enormous.
More than a year ago, in October 2021, when Bitcoin was worth about $60,000, China's Central Bank made any business operations involving cryptocurrencies illegal due to increased risks. Prior to that, China accounted for about 65% of bitcoins mined globally. This ban was a major factor in the market decline, as China was one of the largest cryptocurrency markets.
In February 2023, it was reported that China was going to legalize digital currency transactions again. Specifically, earlier this year, Hong Kong's financial secretary, Paul Chan, made a statement that the region would focus on the development of the crypto industry. Of course, such statements were immediately noticed by the cryptocurrency community and many now expect a stronger bull market in many positions.
Henbbo Foundation is currently implementing a comprehensive development program in China's cryptocurrency market. Previously the work here was predominantly done by our East Asian branch, but now the growing number and total volume of transactions requires them to be properly supported and prioritized.
That's why right now Henbbo is opening a representative office in Shanghai, upgrading its platform to integrate Chinese language support, and actively looking for new partners among local crypto-investors. All this helps Henbbo not only to gain a foothold in the Chinese market at the most opportune time, but also to ensure further revenue growth for the company and all its clients.