China has taken a hard stance on blockchain projects and cryptocurrency in general. Given that the government subsidizes the energy bill for its citizens, cryptocurrency mining is strictly forbidden. At the same time, only a few government-sponsored blockchain projects have been given the green light to go ahead. Everyone else is facing bans and tough restrictions. But that has not stopped some Chinese entrepreneurs for aiming for the sky.
Bruno Wu to build a $300 million cryptocurrency hub
Bruno Wu is a billionaire and is planning on building a cryptocurrency hub in Hartford, Connecticut. The price tag of this building is no less than $300 million, and the project was only announced last month, Wu’s company, Seven Stars Cloud (SSC), will be constructing the hub for the ground up. The current name of the project is ‘Fintech Village’, and will include a college that specializes in FinTech. Amongst some of the subjects people can study and work on are machine-learning and robotics, as well as cryptocurrency. Although SSC will be spearheading the project, they have reached out to fellow companies in the bockchain space to see if there are others interested in collaboratig. Some of the institutions they have reached out to are colleges. The aim for this partnership is to create fully accreditted college degrees in subjects like FinTehc, artificial intelligence (AI) and blockchain.
Why the United States and not China?
Given that Bruno Wu is a billionaire and serial entrepreneur, he is probably not short on opportunities. Chanves are that he could collaborate with the Chinese government on one of the approved projects. Instead, he has chosen the middle of the United States as the base for his crytocurrency hub. Why? Because he wants to be in close proximity to some of the best American colleges and recruit their talents. This is a smart move on the part of Wu, considering the shortage of qualified people in the cryptocurrency space. There are many experts in the industry, but the industry is simply growing too fast for recrutiers to keep up. The cryptocurrency exchange Bitstamp has stressed how much of a challenge it is to find qualified people for blockchain companeis. Positioning the cryptocurrency hub in the middle of the US will mean that Wu has all the talent he needs within a short distance.
The FinTech Village is the solution
It would seem to be perfect timing for Wu and SSC. Many young American college graduates are struggling to find a meaningful job after they graduate, and thus cannot pay back their expensive student loans. Meanwhile, cryptocurrency and blockchain companies left, right, and centre are screaming for fresh talent to join their companies and hep them make their visions become reality. It is therefore a perfect match between the cryptocurrency hub and the local universities. Wu is not the only one who thinks this is a great idea. Changan Investment Group is ust one of the external investors that have put their money where their mouth is. They have recently ivested £23 million in the cryptocurrency hub. In addition to this injection of cash, the state government in Connecticut has also sponsored SSC’s FinTech Village with $10 million. This is great news for students, graduates, and entrepreneurs alike.