Alibaba to Launch Mining Platform?

According to some new reports, Alibaba might be interested in entering the cryptocurrency mining market. A local media report has claimed that the giant Chinese company is quietly launching a cryptocurrency mining platform.

The e-commerce company is said to have already made the launch of this platform without making anything public. The news was first reported by Tencent News, which revealed that Alibaba's new platform is called P2P Nodes and that this platform has been registered with local authorities. The registration procedure is said to have been completed in Nanjing.

Alibaba launched P2P Nodes virtual currency mining platform

The media report said that P2P Nodes is a virtual currency mining platform. The same report said that the registration process was completed on October 10, 2017, so Alibaba has owned the platform for a few months before the news surfaced.

The media report has not been confirmed for the moment, so it is yet to find out if the claims are true. Furthermore, the media report did not reveal if the platform has been officially launched by Alibaba, meaning if users can register on it. Exactly how this platform functions and how it will be integrated by Alibaba is also unknown for the moment.

Tencent News reported that the platform will be a third-party operation, meaning that it will most likely function like a cloud mining service, offering its users the possibility to rent hashpower from Alibaba. The same local media outlet indicated that users are able to withdraw cash through Alipay. However, they cannot directly get their mined coins.

The report is quite curious considering that the founder of the company previously said that cryptocurrency integration was not in Alibaba's plans. Furthermore the company's founder explained that Alibaba is not ready for cryptocurrencies. Even more so, the Chinese climate is not the best at the moment for new developments related to cryptocurrencies.

Chinese authorities have revealed several plans to regulate or ban certain aspects of the cryptocurrency market functioning in the country.