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Bitmain: Jihan Wu rumored to have established FinTech platform Matrix with no inclusion of Bitcoin Cash

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Bitmain: Jihan Wu rumoured to establish FinTech platform Matrix; with no inclusion of Bitcoin Cash
Source: Pixabay

Jihan Wu, the former CEO of Bitcoin [BTC] mining equipment manufacturer Bitmain and massive Bitcoin Cash [BCH] proponent has decided to call it quits with the crypto-camps, opting to make his way into the institutional fray. In a stark turn of events, Wu has reportedly established a FinTech start-up Matrix that will veer away from the retail space.

BTCKING555, a popular figure within the online cryptocurrency community tweeted that they received a “pitch deck” from an “insider” for the aforementioned start-up. The tweet detailed that Matrix, its touted name, would cater specifically to institutions; this follows Wu’s ousting from Bitmain’s upper echelons, which occurred earlier this year.

The tweet read:

Source: Twitter

The latter half of BTCKING555’s tweet references another one of the Twitter handle’s accusations against Bitmain. Back in March 2019, the handle stated that Wu “duped” the mining giant’s “Asian investors” amounting to “$12-$14 bn” on the basis of a “promise of IPO”.

Furthermore, the thread continued stating:

Source: Twitter

BTCKING555 added that this warning was mentioned earlier in August 2018, with the handle pleading with investors not to pledge their funds with Bitmain. Citing unconfirmed sources, the handle also added that a “class action” was “in works in Hong Kong”.

In light of Wu backing Bitcoin Cash and Roger Ver, the CEO of Bitcoin.com and ardent BCH proponent, BTCKING555 finds it curious that BCH was not mentioned in “the deck”.

The handle added:

Source: Twitter

This follows the January exodus of Jihan Wu from the position of CEO of Bitmain following his siding with Bitcoin Cash, which proved to be fatal for the company. When the BCH hardfork ensued in November 2018, the poor performance led to Wu being demoted from director to supervisor with further speculation that Wu and Ketuan Zhan, another co-founder would be removed in December 2018.

Jihan Wu’s Matrix news follows the failed prospects of the Bitmain IPO by the hands of the Hong Kong Stock Exchange (HKEx). Bitmain’s IPO with HKEx surpassed its six-month expiration date in late-March, based on the exchange’s listing rules citing lack of confirmed reports of a Committee hearing.

BTCKING555 also added the below picture:

Source: Twitter





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Binance Chain testnet undergoes ‘Galileo’ update via hardfork; mainnet to follow suit

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Binance Chain testnet to receive 'Galileo' update via a hardfork; mainnet to follow soon
Source: Unsplash

Binance Chain’s testnet underwent a hardfork today at block height 24,020,000, at around 2019/06/26 7:00 AM (UTC). The new update will have various bug fixes, improvements to the existing chain, and is expected to improve on-chain performance.

The new announcement details all the features the new update will include for DEX users, or any exchanges that list BNB, or run a client. The BNB blockchain will provide validators access to create a “delist protocol” and vote on delisting trading pairs that have very little volume for a long time via governance.

The Galileo update will also provide a “Time Locking” feature for token assets, while also improving the Match Engine in Binance DEX, which according to the blog is “not optimized in some cases.” The complete list of changes is available for users to read in the changelog.

The testnet changes will be followed by changes on the mainnet. The blog added,

“Binance Chain Mainnet will also be undergoing an upgrade a few weeks later (please stay tuned with the later announcement).”

Additionally, Binance also announced the launch of Binance 2.0 for everyone, which also includes the margin trading feature on Binance. The Binance 2.0 has the website revamped, with the old one being decommissioned soon.

While some users complained that there were problems depositing USDT, others complained that margin trading feature was still not available.

A Twitter user, @rallyqt, commented,

“- Galileo upgrade
– Margin
– Binance stable coin
– Binance DEX
Keep building & piecing the Binance ecosystem together! 🧩
@cz_binance, how many users signed up for Binance this year? Alt fomo season starts when exchanges have to temp close due to an influx of users haha 😉😊”

CZ replied,

“We have increased our registration capacity in anticipation of this, a year ago. It should work, in theory, let’s see what happens. 😂
Registrations are definitely picking up speed.”





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