China’s Largest Financial News Provider Adds Cryptocurrency Support on Its App
Sina Finance, one of China’s largest financial news providers, has added bitcoin and cryptocurrency support to its application.
The app of Sina Finance, with over 10 million monthly active users (as of the end of 2018), on July 3 added cryptocurrency feature where real-time price index of 36 cryptocurrencies including BTC, BCH, ETH, LTC and XRP was presented. Apart from price checker, it also provides candlestick charts with recent crypto and blockchain news below them.
Apparently, the decision by the prominent news service provider to broaden its reach was meant to attract potential users – crypto investors in the country. Data showed that crypto-related apps have registered more than 7.5 million users in late 2018.
Considering the Chinese stock market has been sluggish over these years, more and more stock traders show increasing interest in investing in crypto assets. While few of these veteran stock traders would like to download a standalone crypto price tracker. The app thus rolled out the new crypto service, though trend analysis and in-app crypto trading have not yet been available.
The move comes at a time when bitcoin has continued its rally in price over the past three months and its price surpassed the $10,000 mark late last month. The Chinese market’s interest in bitcoin is back on the rise. As cnLedger tweeted on June 24,
“According to online data service providers (such as Qimai and Kuchuan), crypto app Huobi was the 7th hottest searched keyword in Chinese iOS App Store.” Crypto-related app has been trending in China’s iOS App store.”
In the meanwhile, the regulators in the country have reiterated the risks in investing virtual currency amid the latest bull run.
As a matter of fact, Sina Finance is not the first traditional financial service provider attempting to reach out to the trendy crypto assets like other assets such as stocks, bonds and gold. Last May, Tonghuashun, a popular Chinese stock trading app added crypto price tracking in its iOS version, but the feature was removed in less than two weeks under regulatory pressures. As Beijing has made clear of its determined stance on ICOs and cryptocurrency trading. Big name companies in the country, though bullish on cryptocurrency’s underpinning technology blockchain and seeing people’s increasing interest in cryptocurrency, have been keeping a distance from cryptocurrency. It remains to be seen whether services from Sina – offering crypto pricing and information – is a violation of the country’s ban on crypto.