Home News Exchange Chinese Billionaire Li Ka-Shing, One of the World’s Richest Men, Has Backed...

Chinese Billionaire Li Ka-Shing, One of the World’s Richest Men, Has Backed an Upcoming Crypto Exchange

January 10, 2019 08:55
Li Ka-shing
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There’s no doubt in the fact that Bitcoin has got a very large community of both supporters as well as detractors. Many of those supporters and detractors are also prominent voices from the world of business, finance, and politics. However, when one of the richest persons in the world starts backing it, you know you’re on to something big. And that is precisely what has happened in the recent days, as according to Forbes Magazine Chinese billionaire Li Ka-shing has thrown his weight behind Bitcoin.

That’s right – Mr. Li, who is 90 years old and currently one of the richest men in the world with a net worth in access of $34 billion, has invested in NYSE’s upcoming Bakkt platform through his investment firm Horizon Ventures. When Bakkt announced that it has raised a round of $182 million last week, Horizon Ventures was also among the companies that were appearing in its list of investors. With this, the number of prominent names associated with Bakkt has got a new entrant. We already know that it has got the support of Microsoft as well as Starbucks, and now the entry of Li Ka-shing opens a new pool of opportunities before this platform.

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Bakkt is expected to launch within this quarter of the year and it will allow people to trade physically settled Bitcoin futures, which is being considered as a game changer. Intercontinental Exchange (or ICE, the company that also runs New York Stock Exchange or NYSE), the US-based giant behind this platform, plans to launch the exchange sometime in the end of January or beginning of February.

However, it turns out that this is not Li Ka-shing’s first bet on cryptocurrencies. He has also invested already in crypto payments processor Bitpay and blockchain technology provider Blockstream. While his Bitpay investment was done way back in 2013, in Blockstream he had invested in 2016. So while he is one of those rarest billionaires who believed in Bitcoin early on, his Bakkt investment proves that he has not lost faith in Bitcoin even after the recent bear market. As you can imagine, it’s very comforting to see!

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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