Bruno Wu, One of China’s Richest, Looking To Ramp Up Digital Currency Investments

Investing, News | December 20, 2017 By:

One of the richest men in China has purchased a 27 percent stake in a bid to start trading in digital currencies.

Bruno Wu’s Seven Stars Cloud has put $2 million into the Delaware Board of Trade, a company operating one of the newest stock exchanges in the country. Seven Stars will trade exchange-traded funds backed by digital assets “that can be settled into digital currencies” like bitcoin, according to an announcement. The company is calling the settlement an “initial exchange offering,” a play on initial coin offerings.

Seven Stars President and Chief Revenue Officer Robert Benya will join the board of the Delaware Board of Trade as part of the deal.

Wu has been called Mr. Chinawood for his entertainment investments, including a joint partnership with “Spider-man” executive producer Avi Arad. Last year, Wu bought a majority share of a YouTube-like company called YOU On Demand.