Last month the financial startup BitMEX won the first place in Singapore among 475 other startups. BitMEX offers traders an account, allowing them to trade in bitcoins. A winning proposition, tells ex-banker William Bao Bean to Bloomberg, as many try to siphon capital out of China.
William Bao Bean, a China venture investor, said BitMEX’s timing is fortuitous. Investors in the country are looking to diversify abroad as the economy slows and domestic investments become more unpredictable. “There are many people who want to see their money outside of China right now,” said Bean, a former Deutsche Bank investment banker who runs a program for startups called Chinaccelerator.
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Earlier we discussed with William Bao Bean how traditional lending is giving way to crowdfunding