With Over 10,000 Blockchain Startups, Guangdong Has Been a Blockchain Hub in Southern China

In the name of the well-known blockchain startup Ripple,a new cryptocurrency pyramid scheme known as Ripple Reserves(or Ripple Fed) has bilked hundreds of thousands of naive investors out of a substantial sum of money in China, according to local news outlet BlockBeats.

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Ripple Reserves describes itself as a cutting-edge storage platform for Ripple’s proprietary tokens ,XRP,  and is initiated by the so-called Ripple Fund’s co-funder Tony, according to its website. The platform’s aim is to provide market making opportunities for XRP holders, reduce the speculative tradings of XRP through deposit and expand the use of ripple blockchain to achieve the cheap and convenient cross-border payments.

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