China's cloud-based solutions service, Seven Stars Cloud Group, Inc. (SSC), announced this week its purchase share of 27% of the US-based crypto blockchain Delaware Board of Trade Holdings Inc. (DBOT). SSC is owned and operated by entertainment mogul Bruno Wu, which many analysts believe is trying to enter the cryptocurrency market.
Bruno Wu buys Delaware Crypto Exchange
China's SSC sent a press release stating that "today it has a 27% purchase of The Delaware Board of Trade Holdings Inc. (DBOT), the first and only blockchain-based alternative trading system licensed by the SEC, for 1,627,869 common shares. The transaction will make SSC the largest DBOT shareholder. "
Referring to Mr. Wu as "one of China's biggest business and entertainment magnates," Jon Najarian also described DBOT as a 'dark' operator and how SSC had plans to expand in the trading of Bitcoin-like securities, Tuiteó. The Delaware company is the only commercial system of its kind licensed by the SEC.
The announcement caused the shares of the Chinese company to rise on Nasdaq, more than 25%.
According to the Seven Stars Cloud website, the company is "aiming to become a global leader in the provision of Artificial Intelligence (AI) and Fintech Powered, Supply Chain + Digital Finance Solutions next generation." By buying a controlling stake in DBOT, SSC expects that its "approved regulatory platform will be the cornerstone of an initial exchange offer (IEO) network based on blockchain plug & play.
John Wallace, CEO of DBOT, was quoted as saying: "We are delighted to partner with and form a deeper business relationship with SSC, as DBOT and its various commercial lines become key drivers driving the SSC Global Trading Platform Network for initial exchange offers. "
The great plans of Mr. Wu
Earlier this year, the Securities and Exchange Commission (SEC) suspended the efforts of the Chongqing Casin Enterprise Group at the time they attempted to take the Chicago Stock Exchange. Lawmakers complained about the lack of transparency in the corporate structure of the Chinese company.
So far, the SEC has not commented on the acquisition of Mr. Wu. However, your company has big plans for merging. It will take advantage of DBOT's approved ATS to enhance Nextgen X based on SSC's blockchain, which focuses on the negotiation of financial products, including ETFs backed by digital assets, which can be tokenized and settled (including digital currency options) through Initial exchange offers ("IEO"), the company said.
It hopes to establish a "plug and play" solution divided into 30 different exchanges distributed between Japan, the United Arab Emirates, Singapore, Africa, Korea, China, Germany and the United States.
The New York Post reports that Mr. Wu also purchased "a majority stake in a YouTube company called YOU On Demand, which was owned by World Wrestling Entertainment's wrestler and wrestler, Shane McMahon, son of WWE founder Vince McMahon. and his wife Linda McMahon, who is the director of the Small Business Administration. "
For its part, the SSC, based on rumors related to the cryptocurrency in the press, issued another release. Mr. Wu himself explains: "Seven Stars Cloud is by no means a company related to Bitcoin and it should be noted that Blockchain's opportunities and possibilities extend far beyond the world of cryptocurrencies," he stressed.
"Although initially created for Bitcoin, Blockchain provides a more secure and transparent way to manage all types of data and, therefore, the many applications and uses of this technology are endless."