PayPal Shares Climb 7% Amid Strong Profit Forecast, SEC Scrutiny 
Robinhood Announces Plans to Expand Stock-Exchange Application to U.K. 
Baidu’s AI Chip Unit Kunlunxin Prepares for Hong Kong IPO to Raise Up to $2 Billion 
Crypto Markets Surge: Bitcoin, Ethereum, and Solana Lead Gains Amid Economic Optimism 
Asian Markets End Year on AI Optimism as Precious Metals and Currencies Shine 
Oil Prices Slide in 2025 as Oversupply and Geopolitical Risks Shape Market Outlook 
Crypto Investment Platforms eToro and M2 Granted Approvals to Operate in the UAE 
Samsung Electronics Poised for Massive Q4 Profit Surge on Soaring Memory Chip Prices 
Standard Chartered Joins China's Digital Yuan Trials, Eyes Cross-Border Payments 
Asia Manufacturing PMI Rebounds as Exports and Tech Demand Drive Growth into 2026 
Discord Confidentially Files for U.S. IPO, Signaling Major Milestone 
Mastercard Partners with MoonPay to Unlock Web3 Capabilities in Experiential Marketing 
Hyundai Motor Shares Surge on Nvidia Partnership Speculation 
Trump Delays Tariff Increases on Furniture and Cabinets for One More Year 
Embraer Boosts Aircraft Deliveries in Q4 2025, Signaling Strong Growth Into 2026 
Mastercard, NEC Collaborate to Revolutionize Checkout Experiences with Facial Recognition Technology 
Elon Musk's X to Launch In-App Payment Services on Social Media Platform in Mid-2024 
WeBank, China's leading digital-only bank, aims to transition from its permissioned consortium blockchains toward more public-oriented ones, highlighting the potential of "Open Consortium Chain 2.0." As it seeks greater openness, the move signifies WeBank's intent to harness the burgeoning opportunities presented by the web3 era.
With its permissioned WeBank blockchain having processed over 400 million transactions, averaging 300,000 daily, the bank currently boasts around 30 blockchain applications. WeBank's CIO and EVP, Henry Ma, initially proposed a "Public Alliance Chain" in 2018, envisioning an open ecosystem that encourages participation for all. However, he acknowledged the resistance to supervision among enthusiasts of public blockchains.
Ma's vision aligns with Hedera and Korean Klaytn blockchains offering open access. However, the governing Council, comprising large corporations, retains control over node permissions and writing data. Unlike Klaytn and Hedera, WeBank's goal does not involve the use of cryptocurrency.
To foster greater openness, WeBank plans to enable light nodes for read-only access to its blockchain. The bank's blockchain currently operates on the FISCO BCOS platform—an open-source blockchain founded by WeBank, Tencent, Huawei, ZTE, and numerous other Chinese organizations. Positioned as a challenger to enterprise blockchain Hyperledger Fabric, FISCO BCOS is coinless and accessible to the public.
With around 4,000 organizations utilizing FISCO BCOS across 300 applications, WeBank remains committed to the platform's ongoing development. As WeBank charts its course toward greater openness, the integration of Open Consortium Chain 2.0 marks a significant step in unlocking the potential of web3.
WeBank, China's prominent digital-only bank, was established by Tencent, responsible for the widely-used WeChat app. Tencent holds a significant stake, approximately 30%, in WeBank.
Renowned for its fintech innovation capabilities and inclusive financial services, WeBank was named the "2023 Best Global Digital-Only Bank" by the Asian Banker. The bank also earned recognition for being the "Best Digital-Only Bank in Asia Pacific" and for its "Best Chatbot/Voice Banking Service."
Photo: Donald Wu/Unsplash
