Rumour has it that Alibaba is planning to launch a cryptocurrency exchange of scale and is being assisted by the Tron (TRX) team, reports The ICO Journal. Teams from both Alibaba and Tron have been collaborating together for the past three months.
According to the ICO Journal, Tron is assisting Alibaba, as they consider adding a cryptocurrency exchange of scale to their vast ecosystem of products. Two teams at both firms have been exchanging notes on what would amount to best practices based on the work of other well-known exchanges.
Alibaba has been planning for a long time to open an exchange and Tron’s team led by Justin Sun, founder of Tron, is helping them build the infrastructure. A source from Alibaba told ICO Journal,
“We’ve had months worth of conversations and what could be classified as ‘planning’ on this. Justin and his executive group have done great work building their own digital asset infrastructure, with BitTorrent etc…and we are of the mindset that they can add as we continue to consider adding this type of product (crypto exchange) and offer if to our community of scale. To answer directly, yes, we have been working on this for some time (crypto exchange).”
Sources from Tron have confirmed to ICO Journal as well,
“We’ve had a back-channel relationship with Alibaba since our inception and they’ve consulted with us on several different crypto related concerns. A crypto exchange has been one of those projects and we’ve been involved for months on it. They are serious about it and it would make sense given the other financial products in their pipeline. One thing we don’t know is whether or not it would be a project they fund indirectly under different branding or keep it in-house. That is still an open question. Still, there are teams working on this with Alibaba.”
Cryptocurrency ban in China a Smokescreen
Alibaba is well aware of the cryptocurrency ban in China. According to Alibaba, they are working with the government to stay ahead of the curve in blockchain space. Alibaba also comments that China cryptocurrency ban is nothing but a smokescreen as China is heavily invested in cryptocurrency and blockchain.
Alibaba also currently holds the most number of patents in the blockchain space.
Disclaimer: This news was originally covered by The ICO Journal. We at Blockmanity haven’t been in touch with either Tron team and the Alibaba Team.
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