PBOC shuts down software maker on crypto trading


Chinese authorities at the People’s Bank of China (PBOC) have ordered Beijing software maker Quadao Cultural Development to shut down over allegations of cryptocurrency trading affiliation, Business Insider reported.

According to the central bank of China, Quadao facilitated crypto trading through the software it offered, according to Business Insider. As of Tuesday, July 6, the company closed its doors and its website is no longer accessible.

The bank said it took the step “to prevent and control the risk of speculation in virtual currency transactions and protect the safety of public assets,” according to Business Insider.

In other news, Ultimate Fighting Championship (UFC), a martial arts organization, has partnered up with Crypto.com, the latter said in a blog post.

Crypto.com is becoming an official Fight Kit Partner via the Matchmaking, which will allow it to put its mark on UFC Fight Kits worn by both athletes and local men and women, according to the post. This will put the name of Crypto.com in front of the more than 625 million people who watch the UFC, as well as more than 150 million social media followers.

“This is a partnership between two companies that are the best at what they do,” UFC President Dana White said in the post. “No company has done more to increase the popularity of combat sports than the UFC, and we are now 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.

Meanwhile, CoinPayments, a crypto payments processor, will partner with Quid POS to add crypto payment options for small businesses, according to a press release.

The team’s goal is to make crypto payments more accessible to anyone who wants to use them, the statement said.

Co-founder and CEO of Quid POS Sheryl carr said in the statement that the partnership “opens a gateway to the future of digital payments” and will help business owners accelerate their path to crypto.

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