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OKCoin Founder Buys Hong Kong-Listed Public Company For $60 Million

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Mingxing “Star” Xu is the name of the founder of the crypto exchange OKCoin, who is featured in the latest news on our DC Forecasts crypto news site as becoming the largest individual shareholder of a public company listed in Hong Kong via a $60 million acquisition.

LEAP Holdings Group is the firm that was acquired. It is a construction engineering firm which announced the completed deal on Wednesday, where OKC Holdings Group (the company behind OKCoin) purchased about 3.2 billion shares for the company for HK$0.15 (around $0.02) each.

This makes OKC Holdings the largest shareholder of the LEAP Holdings now, owning 60.49% of its stock and having the same percentage of voting rights. Xu holds the majority stake in OKC Holdings with 52.32% ownership through two firms – StarXu Capital and OKEM Services Company.

OKC Holdings initially filed for the application with the HKEX on January 10th, aiming to buy the controlling stake in the LEAP Holdings Group in less than two weeks. The key takeaway from this (and from a crypto perspective) is that crypto exchanges are increasingly looking to opt for a reverse merger route and become publicly listed companies rather than aiming at becoming IPOs which is a lengthy and complex process.

OKC Holdings is not the first example for a case like this. Bithumb previously signed a binding letter of intent agreement with the US-listed investment firm Blockchain Industries for a reverse merger. Huobi also took a similar step, acquiring 66% of a HKEX-listed firm called Pantronics Holdings for around $70 million.

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Altcoin News

Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?

Over the past 24 hours, the price of Ethereum has increased up to $141 which is a 13 percent increase against the US dollar according to the altcoin news and analysis we have for today. Many of the analysts see a short-term recovery in the near future as the market gains momentum. The increase in price shows a pretty gloomy performance for some of the coins such as EOS, Bitcoin Cash, Binance Coin, and Ethereum and the sentiment of the market is overall gloomy as well. Before the crypto market rally, a popular crypto trader named ‘’Mayne’’ said that the investors cannot still be bear-biased based on the last performance of the market. He said:
 “We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’
Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
 “Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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Altcoin News

Bitcoin Goes Over $3,750 As Total Market Cap Rises To $126 Billion

The latest Bitcoin news showed what we all knew - that the next strong move is here and building up slowly. After days of green on the market with minimal rises, this Monday starts with great news for Bitcoin, Ethereum and other coins which are all in the green and have surged by at least a few percentage points. Ethereum managed to surge by 13% which brought the biggest altcoin to a price of $138 and increased the market cap difference it has with Ripple (XRP). Speaking of, XRP has also surged by less than 3%, growing stable at $0.309. The most dominant cryptocurrency out there, Bitcoin, has surged to $3,754 while adding billions to the market cap - setting the bar higher once again and coming close to the $4,000 mark. The market is now used to greens like these especially because since 2018, Bitcoin has been constantly registering the red candles and is now in a positive trend which may recommence and mimic some of the best days of the most dominant cryptocurrency. When it comes to the Bitcoin network, the transactions are ever increasing and the average fee is taking a downward shift. According to Blockchain.com, the biggest block with an average size of 1.305 megabytes has been mined which has seen the result of ever-increasing adoption of the Segregated Witness (SegWit) which now accounts for 40% of all the Bitcoin transactions. This new surge continues to spread the Bitcoin awareness and adoption worldwide, and those who really need it are investing in this uncensored and borderless cryptocurrency. Even institutional investors are jumping in the bandwagon - in the form of Nasdaq, Bakkt and Fidelity as the three biggest names so far which made the crypto news this month. The total cryptocurrency market cap also increased and is right now circulating with $126 billion.
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Altcoin News

Ripple (XRP) Loses Momentum – Possibly Because Of JPMorgan’s Crypto Spell

Ripple's XRP token is in the crypto news today for losing a momentum as of lately. The altcoin was the second largest crypto asset a couple of weeks ago by a good margin. However, at the moment it cannot seem to get out of second gear as Ethereum streaks ahead and is increasing its lead. In today's market-wide crypto rally, XRP has managed to gain 2% which took it to $0.307 at press time. However, Ripple is down over 5% on the month while other cryptocurrencies have been making better gains. There have been a lot of questions about XRP's market cap and the possible manipulation. Currently, it is being reported that the market cap will continue to decrease compared to Ethereum's which is now dominating. All of this is largely attributed to the news last week which showed that the Wall Street giant JP Morgan intends to launch its own digital count - drawing a big reaction in the crypto sphere. Many analysts have said that this could be Ripple's largest rival and may even spell the end for it. According to the Bloomberg business editor Joe Weisenthal:
“If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple."
The arguments that the newly released JPMCoin (which will be pegged to the dollar ) could replace Ripple are still strong, stating that this is a huge slap for Ripple and its cross-border payments and remittances. Ripple's boss, Brad Garlinghouse, doesn't think so. As he tweeted: https://twitter.com/bgarlinghouse/status/1096118363506434048 Right now, it remains to be seen if Ripple is going to fight back in the short term. Besides that, it appears unlikely that another centralized stablecoin will do so much damage to XRP. The only bad scenario right now is that banks continue developing their own in-house solutions rather than working with XRP, which is kind of disappointing for Ripple and its business model.
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Altcoin News

Japanese e-Commerce Giant Rakuten With A New App That Will Probably Support Crypto Payments

One of the largest e-Commerce firms in Japan, the giant Rakuten, recently announced that a major update of its Rakuten Pay mobile app is coming and will be released on March 18th, as the digital currency news headlines outlined. According to the firm's 2018 earnings release which was published on February 12th, the app will have a new structure that will probably support Bitcoin and other cryptocurrency payments in addition to fiat. As the company noted in the presentation material, the new version of the app will feature “all payment solutions embedded into one platform.” Known as "Japan's Amazon" - Rakuten has recently restructured in terms of its corporate structure. The new company includes the firm's cryptocurrency exchange named "Everybody's Bitcoin" (which Rakuten acquired in August 2018 for $2.4 million) as part of the newly established payments subsidiary, Rakuten Payment. Moreover, the firm's earnings release specifies that the app will support QR code payments and will use the corporation's prepaid card service, Rakuten Edy. Even though the app does not explicitly note anything about crypto support, the specification that "all payment solutions" will be supported on it implies support for crypto payments as part of its subsidiary, Rakuten Payment. In its earnings release, Rakuten reported a net income for 2019 of about 141.9 billion yen which is $1.3 billion - increasing by 28.4% when compared to 2017.
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