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Bitmain Appoints New Legal Representative and General Manager
The new GM is a loyal ally to co-founder Zhan Ketuan, who will remain company chairman.
Oleh Eliza Gkritsi
Crypto mining rig maker Bitmain appointed Zhou Feng as its legal representative and general manager, the company said in a WeChat post.
- Zhou was a key deputy to Bitmain co-founder Zhan during a battle for control of the world’s biggest crypto mining machine manufacturer involving Zhan and co-founder Wu Jihan. Zhan will continue to serve as Bitmain’s chairman.
- Zhou’s rich experience in supply chain management will “surely write a more brilliant new chapter,” the WeChat post said.
- The news was announced at an Oct. 28 staff meeting to celebrate the company’s eighth anniversary. At the meeting, Bitmain also gave the “Same Boat Award” to employees who have been with the company for over five years.
- Legal representatives are the cornerstone of Chinese corporate authority as they are entitled to act on the company’s behalf.
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The bank said tokenized money market funds account for only about 5% of the broader stablecoin universe despite offering yield.
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- JPMorgan said tokenized money market funds remain a small share of the stablecoin market because of regulatory hurdles.
- Stablecoins continue to dominate crypto trading, collateral and payments due to their seamless use across exchanges and DeFi.
- The bank expects tokenized money market funds to grow, but likely not beyond 10%-15%...
