Chinese authorities from the People’s Bank of China (PBOC) have instructed a Beijing software maker, Quadao Cultural Development, it has to shut down due to allegations of cryptocurrency trading affiliation, Business Insider reported.
According to China’s central bank, Quadao had been facilitating crypto trading through the software it offered, per Business Insider. As of Tuesday (July 6), the company had closed its doors, and its website is no longer accessible.
The bank said it took this action “to prevent and control the risk of speculation in virtual currency transactions and protect the safety of the public’s assets,” according to Business Insider.
Crypto.com becomes an Official Fight Kit Partner via the tie-up, which will allow it to put its branding on UFC fight kits worn by both the athletes and corner men and women, according to the post. That will put Crypto.com’s name in front of the over 625 million people who watch UFC, along with more than 150 million social media followers.
“This is a partnership between two companies that are the best at what they do,” said UFC President Dana White in the post. “No company has done more to grow the popularity of combat sports than UFC, and now we’re one of the biggest sports brands on the planet. We can help Crypto.com reach more people around the world through the strength of our brand.”
The goal of the team-up is to make crypto payments more accessible for whoever wants to use them, the release stated.
Quid POS Co-Founder and CEO Sheryl Carr said in the release that the partnership “opens a gateway to the future of digital payments” and will help business owners fast-track their way into crypto.