In Hong Kong, the stall of AICoin announced the issuance of a stablecoin, indicating that JD.com is still actively exploring the development direction of the blockchain field.
Author: Peisen
On July 24th, according to Caixin, JD Coinlink Technology (Hong Kong) will issue a cryptocurrency stablecoin pegged 1:1 to the Hong Kong dollar in Hong Kong.
JD Coinlink Technology (Hong Kong) is a subsidiary of JD Technology Group and the only potential stablecoin issuer under JD. According to the official website, JD stablecoin is a stablecoin based on public chain and pegged 1:1 to the Hong Kong dollar (HKD), which will be issued on the public blockchain.
Each JD stablecoin can be redeemed at a 1:1 ratio, and its reserves consist of highly liquid and trustworthy assets, which are securely stored in independent accounts of licensed financial institutions. The integrity of the reserves is strictly verified through regular disclosure and audit reports. In terms of regulation, JD stablecoin will actively cooperate with global regulatory agencies and comply with existing and evolving legal and regulatory standards.
Self-proclaimed "WeChat Pay Co-founder," Coinlink CEO, what's the background?
Liu Teddy, CEO of JD Coinlink Technology, has labeled himself as the "WeChat Pay Co-founder" on his LinkedIn profile. However, according to sources familiar with the matter, there is no such thing as a co-founder of WeChat Pay, and he may have been a former product manager or business leader at WeChat Pay.
According to his LinkedIn information, Liu Teddy also serves as the Vice President of JD Technology. He graduated from Beijing University of Technology with a major in Computer Science and Technology in 2006 and is currently pursuing a Ph.D. in Financial Technology at The Hong Kong Polytechnic University.
From 2010 to 2018, Liu Teddy co-founded and served as the product director of WeChat Pay, creating the phenomenon of WeChat red envelopes as a core product member. In the "WeChat Pay+" business model, he led and was responsible for operations in more than 15 related industries such as catering, culture and tourism, transportation, logistics, retail, and education, such as the QR code ordering solution for the catering industry.
Starting in 2018, Liu Teddy served as the global mobile payment product operation manager and aggregation operation department manager at Huawei, responsible for the global financial solutions, expanding, researching, and implementing mobile financial products in 19 countries and regions, serving over 600 million people, including M-Pesa in Kenya, B-Kash in Bangladesh, T-Cash in Indonesia, K Bank in Thailand, KCB, the largest bank in East Africa, GCB in Ghana, JAZZCASH in Pakistan, and KBZPay in Myanmar, where he co-founded KBZPay, which became the largest payment brand in Myanmar from scratch.
In May 2022, Liu Teddy became the Vice President of JD Logistics Group and the head of logistics technology product development. Starting in 2023, he served as the Vice President of JD Technology, responsible for overseas financial technology business. In March 2024, he became the CEO of JINGDONG Coinlink Technology Hong Kong Limited.
JD re-engages in blockchain
This is not JD's first foray into blockchain business.
In May 2016, JD Finance joined the "Financial Blockchain Cooperation Alliance." Although JD entered the blockchain field relatively late compared to other internet companies, its development momentum is strong, focusing on the alliance chain.
In May 2017, JD Finance collaborated with China UnionPay to build the alliance chain "Zhi Zhen Chain," and in the same month, Wanda and China Merchants Bank joined JD's alliance chain. In 2018, JD Finance improved the underlying technology of the ABS cloud platform blockchain and established a multi-party independently deployed alliance chain, where each party deployed independently in a separate environment before networking, and also established a business underlying that supports various assets.
At that time, as the domestic retail company with the highest turnover, JD cooperated with the Ministry of Agriculture, the General Administration of Quality Supervision, Inspection and Quarantine, and the Ministry of Industry and Information Technology in June 2017 to establish the "JD Quality Traceability Anti-counterfeiting Alliance" to build a blockchain traceability platform. In December of the same year, JD established China's first secure food blockchain traceability alliance. In August 2018, JD's blockchain anti-counterfeiting traceability platform BaaS was officially launched, and the first version of the "JD Blockchain Technology Practice White Paper" was released in the same year.
In addition to the alliance chain, JD also launched an NFT platform called "Lingxi," which was officially launched at the end of 2021 and was supported by "Zhi Zhen Chain." Initially launched on the JD APP mini-program, the first batch of NFTs sold were designed based on JD's mascot "Joy."
Lingxi's main page in the JD mini-program, image source: Jiemian News
Among the domestic technology giants that were laying out NFT at the time, "Lingxi" and Ant Group's "Whale Exploration" and Tencent's "Huanhe" formed a three-legged stance. However, "Zhi Zhen Chain" and "Lingxi" have long since faded from public view.
On July 18th, the Hong Kong Monetary Authority announced the list of participants in the stablecoin issuer "sandbox," including JD Coinlink Technology (Hong Kong). Currently, JD Coinlink Technology has obtained licenses from the Securities and Futures Commission (SFC) in Hong Kong for Type 1 (securities trading), Type 4 (advising on securities), and Type 9 (asset management).
The "sandbox" was launched in March this year and is one of the measures taken by the HKMA to promote the sustainable and responsible development of the stablecoin ecosystem in Hong Kong. The HKMA allows institutions interested in issuing stablecoins in Hong Kong to test their operational plans through the "sandbox" and engage in two-way communication on proposed regulatory requirements to develop a purposeful and risk-based regulatory system.
The issuance of stablecoins by JD Coinlink Technology (Hong Kong) marks JD Technology Group's first entry into the cryptocurrency market. The announcement of the issuance of stablecoins in Hong Kong indicates that JD is still actively exploring the development direction of the blockchain field.
However, due to various regulatory influences, JD's stablecoin business development may not be smooth sailing. Nevertheless, this step taken by JD may stimulate other technology companies to re-engage in blockchain business to some extent, thereby bringing more positive signals to the cryptocurrency industry.
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