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Ripple Partner SoftBank Supports Chinese ZT Crypto Exchange with Multi-Million USD Sum

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Sat, 02/27/2021 - 10:37
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Yuri Molchan
Ripple’s partner UK-based SoftBank has put a multi-million-dollar amount into a Chinese digital exchange owned by ZT Global
Ripple Partner SoftBank Supports Chinese ZT Crypto Exchange with Multi-Million USD Sum
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Chinese journalist Colin Wu has tweeted that SoftBank that owns the Ripple-supported MoneyTap payments app has made its first multi-million USD investment in the blockchain sphere – Chinese exchange ZT.

According to Wu, last year, ZT was multiple times subject of media reports due to its disputes with investors that involved the police.

Wu wrote:

“The Chinese community is very puzzled by this investment.”

SoftBank picks ZT for its first DLT-related investment

UK-based banking giant SoftBank has made an undisclosed investment into the Hong Kong-based ZT crypto trading platform, the news report only mentions that it was a multi-million USD amount.

This exchange emerged in 2018 in Hong Kong, founded by ZT Global giant. The source claims that at the moment this exchange is on the top-20 list but CoinMarketCap does not agree with that.

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SoftBank also intends to invest in crypto and blockchain projects that ZT has already invested in. The companies together plan to raise global awareness of digital currencies and assets and “jointly create a new era of digital economy”.

Head of investments at SoftBank, Yamada Toshikatsu, the article says, intends to shill investment in the DLT sphere to his friends at major banking conglomerates, such as Morgan Stanley and Goldman Sachs.

After this investment, ZT plans to cooperate with SoftBank in creating a new blockchain-based ecosystem, according to Li Xiaocheng, head of ZT.

However, Wu believes that this move by SoftBank to invest in the exchange does not bear a “financial significance, and has a greater compliance risk”.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.