WeChat Pay Using Blockchain To Track Payments, Says Binance CEO

Binance CEO Changpeng Zhao (CZ) took to Twitter on Oct. 25, locution that he had “got word” that Chinese tech large Tencent at the moment are utilizing the WeChat payme…”>WeChat Pay places gross on the blockchain, together with a screengrab of a receipt with a hyperlink to a block explorer.

Why does CZ care a lot?

Globally, corporations in nigh each trade are implementing blockchain options, so why ought to CZ really feel the requirement to touch upon this one?

Perhaps it has one matter to do with a narrative from earlier this month, by which CZ introduced the launch of fee on-ramps for Binance in China, using WeChat Pay and Alipay fee providers.

Alipay was fast to refute the claims, locution that any medium of exchange resource associated to cryptocurrency have been contraband from its service.

WeChat additively confirmed its anti-crypto posture, and there’s no suggestion that WeChat Pay is somematter aside from a centralized fee system, using blockchain presumably for invoicing.

As Cointelegraph according in March, China’s first blockchain-based digital bill for a subway experience was issued on the Futian Station inside the Shenzhen Metro. This expertise was put together developed by the Shenzhen Municipal Taxation Bureau and WeChat’s dad or mum firm and Chinese tech large Tencent.

Hypocritical or hyper-critical?

It might be that CZ is asking out WeChat for hypocrisy over its announced anti-crypto place whereas implementing blockchain expertise. Or possibly he’s heralding WeChat for its use of blockchain expertise, regardless of its official posture on cryptocurrencies.

Little additive data is given, though some commenters have speculated that any blockchain hook-up that WeChat has might be power-driven by VeChain. According to experiences, there have been earlier experiments in blockchain expertise between VeChain and Tencent.

Meanwhile, Tencent recently admitted that Facebook’s planned Libra stablecoin would pose a critical risk to WeChat Pay if it launched in China.

As according at present, China’s President Xi Jinping well-known as for accelerated adoption of blockchain expertise inside the nation vocation it a “breakthrough” for personal innovation.

WeChat Pay Using Blockchain To Track Payments, Says Binance CEO

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