OKCoin’s new superwallet allows bitcoin as a background method of money transfers not only across borders, but across currencies as well.
Jack Liu, head of international at OKCoin, recently discussed bitcoin in China and as an alternative payment system in an interview with Bloomberg Business.
Liu referred to the dramatic price crash of bitcoin in 2013 as a good thing, because it forced developers and entrepreneurs to think of creative applications of bitcoin and its underlying blockchain technology instead of focusing uniquely on the price of bitcoin. As a result, there are now large venture capital investments and lots of startups building infrastructure.
“The people behind the industry used to be very libertarian, very political in nature, and wanted to push an alternative currency and an alternative lifestyle,” said Liu. “You are now seeing the bitcoin players receive venture capital and work with banks closely, trying to create a more harmonious financial system integrating the traditional financial system with the Bitcoin network, and that’s going to be much more powerful.”