Alipay, China’s largest payment platform, displayed new advertisements promoting spot Bitcoin ETFs with a minimum investment of 10 yuan ($1.40).
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
Users of China’s largest payment platform Alipay saw new advertisements featuring ads related to spot Bitcoin ETFs and digital assets. The advertisement appeared on Alipay homepages as reported by local news agency Sina Finance on Thursday, December 12.
These promotional advertisements on cryptocurrencies read:
“Global investment, cryptocurrency soaring, 10 yuan minimum investment, get on board now.”
The ad directed users to Huabao Overseas Technology C (QDII-FOF-LOF), which is said to have indirect exposure to Coinbase stock and the ARK 21Shares Bitcoin ETF.
Popular crypto analyst Colin Wu reported that the platform has put the limit of 1,000 Chinese yuan ($137) of the fund’s shares on a daily basis. On the other hand, the minimum investment is 10 yuan or $1.40. In his post on the X platform, Wu noted:
“It indirectly invested in Coinbase stock and Ark spot Bitcoin ETF by investing in Wood Sister’s fund. In addition, Huabao Technology and many similar QDIIs advertise cryptocurrency on Alipay.”
Reports of crypto-related ads appearing on Alipay first emerged on Dec. 11. Local blockchain outlet ChainCatcher was the first to break the news on community reports. Several users confirmed seeing the crypto ads on Alipay, speculating that “the next step will be buying Bitcoin directly through Alipay”.
Earlier this year in January, spot Bitcoin ETFs debuted on Wall Street with a bang thereby making it one of the top ETH launches. BlackRock Bitcoin ETF (IBIT) has been dominating this space with its assets under management crossing $50 billion during the recent BTC price surge.
However, Bitcoin ETFs have also been gaining traction in the Chinese market. Yifan He, CEO of major Chinese blockchain firm Red Date Technology noted that Ant Financial Services Group, the parent firm of Alipay, also offers trading in ETFs. He said “allowing the Bitcoin ETF wouldn’t surprise me [him]”, and added that all buying and selling transactions go through Ant Group in Chinese yuan.
“As long as people can’t move yuan out of the country illegally, the regulators won’t treat it as a huge risk and problem,” he added. He suggested that the recent crypto ads on Alipay are not a direct offering from Ant, but rather ads placed by a “third party that found some loopholes”. However, the analyst believes that there’s a high chance that the ads will disappear soon.
In 2019, Alipay officially prohibited Bitcoin-related transactions on its platform, reinforcing its anti-crypto position in line with the Chinese government’s unfavorable stance towards cryptocurrencies.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
