The winds of China continue to blow in the cryptocurrency market. After Conflux Network (CFX), which announced its partnership with the country’s largest telecom company last week, two more altcoin projects have announced plans to expand into Hong Kong and China.
These two altcoin projects are preparing to launch their new products to the Asian market
cryptocoin.com As a result, we mentioned that the current crypto rally is linked to the monetary policy of the Chinese government. Last week, Conflux (CFX), in partnership with China Telecom, gained more than 50% in value, turning investors’ eyes to the news from the country. In recent developments, DeFi platform LeverFi is preparing to launch its new products in Hong Kong and China in cooperation with IOST.
According to the official announcement, the two altcoin projects are planning to offer management and real yield products in Hong Kong and China through collaboration. This expansion will take place in collaboration with IOST, one of LeverFi’s first investors. “We are excited to share the development of our strong DeFi initiatives, as well as our new initiatives in licensed fund management and financial services in collaboration with IOST,” LeverFi said on its Twitter account.
LeverFi (LEVER) and IOST (IOST) rose in double digits after the announcement
Traded at the 453th place by market capitalization, LEVER rose more than 20% after the news of the partnership. It is trading at $0.003019 at the time of writing and maintains its rally momentum.
IOST (IOST)
IOST (IOST) peaked around 30%. The altcoin, which is in the 142nd place according to the market value, is traded in the region of $ 0.01497 with the rally of the day.
IOST has a history of being an extremely valuable Blockchain partner for the Chinese government since 2019 and is also the first and only Blockchain project in China to be invited by the People’s Assembly of China to participate in the prestigious forum to deliver a speech to the State Leaders. LeverFi plans to expand to Hong Kong through its partnership with IOST.
LeverFi team and operations will gradually move to Hong Kong throughout 2023
The project team plans to expand to Hong Kong, enlarge the team; He said he was about to buy corporate assets, set up office space, and hire local talent. They will also receive support across business matching, market intelligence and regulatory licensing to be fully compliant in the Hong Kong market, along with additional growth advisory for China opportunities.
About LeverFi
LeverFi is the first cross-margin platform on Ethereum to offer DeFi users a leveraged exchange. LEVER acts as the local government token of the LeverFi platform. LeverFi hopes to offer an innovative DeFi solution for liquidity management and leveraged trading for Web3 users.
The team behind LeverFi aims to allow users to trade simultaneously. All payments are completed in the LeverFi ecosystem, while lenders can earn interest as borrowers use the funds to leverage trading.
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