Tencent Create Cryptocurrency Research Group To Growing Its Payment Company.

The Chinese conglomerate Tencent is said to have formed a group to research cryptocurrencies with a market capitalization of over $ 460 billion. Tencent has released an internal note to staff, according to Chinese media outlets, stating they are searching for someone to lead the digital currency research team. The team will be part of the payment unit of Tencent and will work upon expanding the payment industry of the firm.

The team will help progress the payment plan structure of the firm and maintain the long-term healthy development of the payment industry, according to the notice.

Tencent, who also runs the Chinese mobile messaging company WeChat, is said to endorse the pilot cryptocurrency program of the central government in Shenzhen city. China’s central bank has also said that Tencent will receive the upcoming digital yuan as one of a few companies.

Tencent Development

Tencent’s WeChat Pay has become one of the world’s largest payment processors, with more than 900 million active users per month. AliPay from Rival Alibaba has 500 million active users, while Apple Pay has more than 125 million users worldwide. This firm was an active player in the development of cryptocurrency and blockchain. Since 2017, it has published three whitepapers for blockchain. Its new whitepaper explained how the upcoming Facebook-led Libra stablecoin project will pose serious threats to current digital payment networks.

“The launch of Libra would significantly affect the course of global expansion for digital payment companies, especially for those who are not in the Libra consortium,” the whitepaper read.

Tencent also secured a license from the Hong Kong authority last month to launch a virtual bank that uses blockchain technology to provide financial services. Earlier this month, WeBank, the company’s virtual bank became the first digital technology platform to provide a variety of state-controlled public services across the country with China’s regional blockchain network.

Source : The Block Crypto and Finance Sina.

Photo Credit : Blockchain/Cryptocurrencies

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