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China’s Wealthiest List Boasts 13 Crypto Entrepreneurs, Asia’s Richest Woman

The 20th annual list of China’s wealthiest individuals has been released, showing the rising popularity of cryptocurrency, with 13 crypto entrepreneurs included in this year’s catalogue of riches.

The Hurun China Rich List catalogs anyone in the country with a net worth of more than CNY 2 billion (USD 209 million) and ranks the top 100 richest in China. This edition claims that Jack Ma of multinational conglomerate Alibaba to be China’s wealthiest man, with a net worth of USD 39 billion.

An encouraging statistic for the blockchain industry is the news that Blockchain is officially the fastest growing industry in China. The list cites 14 new players including Zhan Ketuan and Wu Jihan of crypto mining company Bitmain.

Zhan, co-founder of computer chip manufacturer of and software firm Bitmain Technologies was found to top the crypto list and sat in the top 100 with an estimated wealth of CNY 29.5 billion (USD 2.4 billion). Second in wealth to him was Wu with a personal worth of CNY 16.5 billion (USD 2.3 billion).

Other names from the world of cryptocurrency included Binance founder and CEO, ranking 230 on the list with an estimated wealth of CNY 15 billion (USD 2.1 billion), OKCoin exchange founder Star Xu and Zhang Nangeng, founder of hardware manufacturer Canaan Creative.

Hu Dong, founder of BTC mining machine Ebang International Holdings, and Li Xiaolai also made the list, the latter claiming recently he is moving on from blockchain investment.

One interesting development in the breakdown of wealth in the country is the report that women made up 28.7% of those appearing in it; a figure unsurpassed in over 20 years. Yang Huiyan, at the age of 37, became China’s wealthiest woman. Property developer Yang is also the wealthiest woman in Asia with a worth of an estimated USD 26 billion. She once added USD 6 billion to her portfolio in seven days of trading.

The rate at which some of these entrepreneurs are expanding their portfolios at such a rapid rate means that the status as the “country’s richest” is always being challenged.

 

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First Crypto Company Listed on the London Stock Exchange is Now Active

Crypto mining firm, UK-based Argo Mining — first cryptocurrency company to be listed on the London Stock Exchange (LSE) is now active.

Argo, which provides “accessible” crypto mining via a subscription service has raised £25 million (about $32.5 million) through an Initial Public Offering (IPO) on the LSE, exceeding its fundraising target by £5 million (about $6.5 million).

Company documents have stated that the newcomer began its life on the LSE with roughly 156 million shares priced at 16p, bringing Argo’s evaluation to £47 million pounds (about $61.2 million). Its website offers three packages covering three levels of mining power provisions, which has all been sold out. The company supports BTG, ETH, ZEC, and ETC.

London-headquartered firm Argo works on a subscription-based model, with its cryptocurrency mining operations based in Quebec, Canada, active since last year. This has become a popular location for mining farms due to optimal climate and energy cost conditions. Argo has plans to expand operations to Iceland and China, both of which benefit from cheap electricity costs and a cold climate.

Executive Chairman Jonathan Bixby stated that:

“Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy” adding, “We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”

Bixby suggests that he would like to see the company become the “the Amazon Web Services of crypto.” Argo had released its crypto mining subscription service in June after gaining the necessary approval to list on the stock exchange in May.

The Chairman referred to the fact that industrial-scale elites have 90% of the crypto mining sector covered due to its technical requirements, adding “It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine.”

Bitcoin News reported yesterday that Canaan Creative applied for an IPO earlier this year in Hong Kong with the hope of raining in a significant starter fund. At present, Canaan needs to keep one eye on its competitor Bitmain which at present has a huge 70% of the global Bitcoin mining device market.

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