China has banned the crypto business. So why is Solana opening a splashy Shanghai office?
Solana’s opening of a fancy new office in a Shanghai skyscraper has set the crypto industry abuzz, with some speculating that the intensifying US-China tech rivalry could be creating a window of opportunity for crypto firms looking to engage with the Chinese market. Solana, which operates one of the world’s largest cryptocurrencies, has taken office space in Shanghai’s Pudong district and…
Solana, a leading cryptocurrency, has opened a prominent office in Shanghai, sparking intrigue within the crypto industry. Despite China's stringent ban on crypto-related businesses, the move has raised questions about the intensifying US-China tech rivalry potentially creating opportunities for crypto firms to expand in the Chinese market.
Solana, which operates one of the world's largest cryptocurrencies, has secured high-end office space in Shanghai's Pudong district and launched a substantial advertising campaign in the city. The company's president, Lily Liu, posted a photo of a large digital ad for the firm on the Citigroup Tower, and Solana co-founder Anatoly Yakovenko attended a riverboat event in Shanghai.
While China once birthed many crypto businesses, Beijing's crackdown has recently driven Chinese crypto firms and founders overseas. However, Solana's bold steps in Shanghai preceded a series of events it will host across mainland China this month, indicating a strategic push to engage with the local developer ecosystem.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
