The Recent News From Alibaba: It Launches Cryptocurrency Mining Platform – Part 1

The Cryptocurrency Rig From E-Commerce Giant Alibaba

While cryptocurrency giants are swarming across the globe, the Chinese giant is one of the prominent ones. It helps the industry boom through the crypto market as it is thereby interested in launching the mining platform. As developers and investors are alike keeping their fingers crossed, it helps them identify their niche with the company in the market. Hence to say cryptocurrency is vying to be the latest and most secure form of investment from Alibaba. Therefore, the Chinese e-commerce behemoth Alibaba comes sighting to set on global domination as the cryptocurrency world is never too far away. As reported by Coin Telegraph the giant has recently launched a cryptocurrency mining platform called P2P Nodes. 

As more businesses have looked to get on board with the digital currency craze, the cryptocurrency fever has swept the world as yet the new venture comes not a cryptocurrency from Alibaba. Thereby what are exactly P2P Nodes? Then what does it mean for Alibaba and the business world?  

As The Registration Was Done In October 2017

Reportedly completed in October 2017 the registration for P2P Nodes has that there is not much known about the operation although Finance Magnates suggests it might be based on third party mining meaning Alibaba will loan out space in its cloud platform for clients to mine cryptocurrency
It is then found that news of a minor corporation like Alibaba in some parts of the world is venturing into cryptocurrency mining as it would be notable as therefore in China it is exceptional. Hence most of the news about digital currencies in China has been negative in the past several months.

Regarding this, the Chinese government has therefore cracked down on digital currencies as well as exchanges ostensibly rooting out illegal activity and money laundering. It is noted that the case in point is ViaBTC that comes as one of China’s largest cryptocurrency mining pools recently shuttered due to regulatory concerns. 

The Alibaba Leadership Is Skeptical Of Digital Currencies

The fact that Alibaba leader Jack Ma previously expressed skepticism about digital currencies makes it even more unusual about the news surrounding the new platform. As he claims about his feelings on digital currency, Ma says they are totally confused and further explains that even if it works, the whole international rules on trade and financing are going to be completely changed. 

He was quick to praise the advent of blockchain technology at the same time whose net worth tops $ 46 billion suggesting the company had already investigated a way to harness this tool. It is exactly what the new Alibaba crypto mining platform is set to do remains to be seen. It is similar to the fact that there is no sign just yet where the eCommerce company plans to launch its own digital currency. As Alibaba enters the digital world the repercussions for cryptocurrencies everywhere could be huge as still, the company has a massive and influential stance. 

Alibaba Earnings: Here’s What Happened

It is observed that Alibaba beats on earnings, whereas a potential de-listing may thereby overshadow this news

What Has Happened To Alibaba Finally?

The result is that it has reported higher than expected numbers for earnings, revenue, and annual active customers as the good news across the board for its financials is that the gross merchandise volume of Alibaba broke $ 1 trillion as more merchants came online to use its digital sales platforms in the face of the coronavirus lockdown whereas the cloud business is still smaller than its rival Amazon as it grew its revenue 58% YOY. Hereby the trend was that toward online shopping in the post COVID 19 world is likely to provide Alibaba tailwinds.
 
Furthermore, all of this has been overshadowed as by the passage of the bill through by the US Senate could lead Alibaba as well as many others being delisted from the US stock exchange. Thereby finally the bill was passed in the wake of a scandal, where in terms of Nasdaq listed Chinese firm Luckin Coffee has turned out to have been fabricating its sales numbers. In case it passed the bill is set to require all publicly traded foreign companies to follow the US standards for audits and financial regulation as well as reveal if they are owned or controlled by a foreign government. Henceforth Alibaba‘s stock is down 5.9% over the past 24 hours as the bill looks like it will surely be taken up by the House of Representatives.