Cryptocurrency launch in China propels fintech shares

In the light of the much-awaited cryptocurrency launch in China, the stocks of fintech companies in Chinese markets are skyrocketing. 

As the Chinese cryptocurrency gears up to make its debut later this year, the fintech firms are making a killing overnight. Sectors that are likely to get impacted by the launch are e-wallet companies, financial services, IT service providers, security and custodian firms, and banks.

The CSI fintech theme index shows that the financial technology firms are reaping the benefits of the cryptocurrency launch as they stand to gain over fifty percent (50%) in stocks this year, surpassing the rest of the industry.

Cryptocurrency launch in China stirs market emotions

Beijing Certificate Authority, a state-owned company offering information security and digital authentication services, was among the big gainers. This year, its stock prices have gone through the roof as it has already registered a two hundred percent (200%) spike so far.

Moreover, China’s…