D.Phone, is one of the largest smartphone retailers in China, has entered the blockchain space by acquiring a minority stake in a U.S. blockchain company called Monsoon Blockchain.
The partnership between the two companies comes at a time when chinese companies are encouraging the development of emerging technologies as well as the establishment of blockchain.
Started as a mobile phone retailer in 1993, D.Phone went public in Hong Kong in 2014 with four anchor investors including Lenovo Group, Qihoo 360, China Telecom and TCL Corporation. Alibaba’s major e-commerce rival, JD.com, has also acquired 9 percent of Dixintong worth $30 million in July. The firm’s total market capitalization is around $200 million.
While the Brockchain mainly serves corporate customers, the deal with D.Phone could allow users to participate in blockchain protocols and decentralize consumer-oriented businesses, according to Donbassil, CEO of Monsoon Blockchain.
In addition, he said the partnership with D.Phone will provide each smartphone user with a Blegchain platform that will give Monsoon a chance to reach a larger size and enjoy cheaper data services with optimized cloud service solutions.
Also, the Monsoon Coin token is traded via smart contract based on Ethereum.
Copyright © Blockstar. All Rights Reserved