GIFX Exchange Opens The Door For Chinese Users

An Asian woman holding Chinese banknotes (Yuan) and GIFA Tokens on the other hand. / GIFX China accounts for nearly 70 percent of the world’...

An Asian woman holding Chinese banknotes (Yuan) and GIFA Tokens on the other hand. / GIFX

China accounts for nearly 70 percent of the world’s cryptocurrency mining, a complex process to produce new crypto coins that involve sophisticated computers solving cryptographic math problems to verify each digital transaction.

According to global management consulting firm McKinsey, by 2022 China’s middle class could consist of 550 million people. As the Chinese economy continues to rise, investors have entered the finance highly-promising fintech businesses. Now, through cryptocurrency, GIFA Token (GIFX) is offering investors a digital solution.

The restriction of cryptocurrency in China is not new: In 2013, the People’s Bank of China (PBoC) banned banks and retailers from dealing in bitcoin. In 2017, it shut down all domestic exchanges and banned initial coin offerings (ICOs) that create bitcoin. But being a decentralized network, cryptocurrency is hard to ban effectively, instead, cryptocurrency trading, mining, and exchanges tripled in the following year, 2018 and by 2020 China was among the top 5 countries with many cryptocurrency users in the world. 

The Chinese bourgeoises always view cryptocurrency (Bitcoin) as a threat to its national currency, the yuan, or an unwanted rival to the new digital yuan. Under these circumstances, one may suggest the GIFX exchange as a good alternative if the Chinese traders or investors really want to continue owning digital assets, that so secure and immutable from any means of authoritarian control.

The Northern Cyprus cryptocurrency exchange has open the door for cryptocurrency trading service and investment targeting international clients from China mainland, Singapore, Hong Kong, Taiwan, Vietnam, Malaysia, and the Philippines. 

While trading and cryptocurrency mining deem controversial and have been put in constant check-in following the statement released by the People's Bank of China (PBOC) that restrict crypto dealing in China.  Therefore GIFX exchange is determined to mitigate some of the legal constraints in providing good alternatives for the local traders and investors. GIFX exchange aspired to become a global service provider for investment in China and beyond. 

GIFA Token's team made this revelation during an interview indicating that the exchange platform will mainly target customers in the far-east, unveiling the crypto services that mainly focused on the younger generation in mainland China. GIFX exchange is also looking forward to working and form partnerships with Chinese independent brokers in an effort to soften the government’s hard stance against the popular demand for crypto investment. 

The fast-growing exchange allows all investors and traders an easy gateway into safely trading through an online trading platform. While the speculative value of the cryptocurrency market is on the rise-and-fall trends, the prospective value of the GIFA Token comes with stability due to its solid backing by the massive capital and projects with tangible values. 

GIFX coins embroiled by the Chinese communist theme with a gap-hole signify ''turbulence in the crypto market''

In October 2020, China experimented with its first digital currency, the strategic trial was seen as the world’s largest economy welcoming of digital currency, an enormous step forward for not only the Chinese economy but demonstrating economic freedom for fintech businesses within the country. China has also been trialing the digital yuan cross-border between Hong Kong and neighboring Shenzhen and is developing a platform for making the currency internationally viable that involves Thailand, UAE, and the Bank of International Settlements.

The crypto enthusiasts in China remain strongly confident in digital assets despite the current crypto market turbulence and cracking on bitcoin mining activities in that oriental country. Of course, the government won’t stand in people's way especially for those who already hold various cryptocurrencies and those who seeking financial freedom to expand their investment portfolios. Furthermore, the GIFA Token's decision to opt for crypto service in China is due to the fact that China and Hong Kong in particular accounted for 70% of the world fintech. 

China, South Korea, and Japan are often seen as drivers of the cryptocurrency market. When Beijing threatens to close cryptocurrency exchanges and ban Bitcoin purchases, the prices shaving. For Bitcoin folklore, where a pseudonymously named Satoshi Nakamoto, originated, this reflects the gambling cultures of the oriental nations, coupled with the Chinese economic power, and tech-savvy citizens thus it suggests the industrialized countries in Asia house some of the best cryptocurrency, innovators as well as investors and traders you could find. 

Asian cryptocurrency traders are more opportunistic in nature, this can be seen in China-centric quantitative funds versus their Western counterparts. Compared to their Western counterparts, Asian crypto investors are more aggressive. “They may not give the whitepaper a look before they buy, they tend to use higher leveraged bets and trade more frequently,” says, Jonathan Lyu. “There’s a lot of blockchain true believers and developers in Asia, but for investors, the gamblers constitute the majority,” he concluded.

GIFX exchange records growth in users and revenue

Currently, GIFA Token is enjoying growth with at least 500,000 users globally, adding new members every day. In the first phase of ICO, the exchange recorded a revenue of $119,007,411 million, an increase of 468%. At the same, the trading volume hit $480 billion during the said period. 

“We are encouraged by what we have achieved in East Europe, Latin America, and Africa so far and we believe that China and the broader Asian market offers a huge runway for growth,” said one of the GIFA Token's team members, during the interview.