Crypto Biz: Helicopter CBDC money rains on Shenzhen, May 26—June 1
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China's advanced CBDC strategy sees digital yuan airdropped to thousands of people. Meanwhile, Binance Labs raised $500 million for a new Web3 fund.
China’s pandemic-hit economy needs all the help it can get after a surge in COVID-19 infections triggered mass lockdowns across the country. In an attempt to revive consumption, the southern city of Shenzhen used Beijing’s central bank digital currency, or CBDC, to airdrop free money to local residents. A similar strategy was used in the northern Hebei province, where even more digital yuan was deployed. Think of all the things governments can do when they have full control over fiat money on-ramps.
This week’s Crypto Biz newsletter explores China’s helicopter CBDC strategy, the latest funding news from the world of blockchain and whether Apple is getting closer to integrating nonfungible token (NFT) technology.
Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoption
The biggest funding news of the week comes courtesy of Binance Labs, which announced plans to allocate a whopping $500 million to Web3 and blockchain startups. The new funding initiative, launched in partnership with DST Global Partners and Breyer Capital, will focus on incubation as well as early-stage and late-stage growth companies. Such mega funds are nothing new for crypto. But, it’s interesting that venture capital is pouring even more money into the industry at a time when crypto prices are plummeting. Things aren’t always what they seem at the surface.
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