Tron climbs as China vows to embrace blockchain

Tron climbs as China vows to embrace blockchain

Investors in the crypto market has turned their attention to Tron as it jumped more than 25 percent over the past 24 hours on news that China will embrace the Blockchain in the coming period.

As of 09:26 GMT, Tron (TRX) surged 25.05 percent to trade at $0.0206 on BitStamp exchange, retaining its spot among top ten cryptocurrency in terms of market capitalization.

China is now adopting a pro-blockchain stance following news of the implementation of the so-called "encryption law" in January next year.

Chinese officials said blockchain should be legitimate, while President Xi Jinping's remarks late last week stated that China will become the world's most important technology supporter and will seek to implement it throughout the economy.

In another positive development cnLedger added that Xuexi Qiangguo, most downloaded app on the Apple App Store inside China, will have educational content about cryptocurrencies such as Bitcoin and Ethereum.

On the other hand, Justin Sun, founder and current CEO of Tron cryptocurrency platform BitTorrent, recently changed his marketing methods and asked Twitter followers to guess which company would be the new partnership by this time.

In his latest tweet, Sun promised that TRON would collaborate with a giant company worth hundreds of billions of dollars next week without mentioning the name of the company to increase the anticipation about the next large step.

Some users who appreciate the partnership believe that TRON will be collaborating with South Korean electronics giant Samsung.

Meanwhile, the Bitcoin traded 1.71 percent higher at $9,425, according to CoinMarketCap. Ripple and Ethereum were 0.37 percent and 1.46 percent up respectively.

However, Chinese CCID Research Institute, in its 14th update of cryptocurrency rankings, continued to rank EOS as the top digital currently in terms of technology, applicability, and creativity.

EOS gained 6.35 percent to $3.34, while NEO, another coin founded in China in 2014, edged up nearly 18.5 percent to $11.62, according to CoinMarketCap.

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