News from unconfirmed sources indicates that Alibaba, the China-based e-commerce giant has set up a cryptocurrency mining platform.

According to CnLedgers news, Alibaba’s P2P Nodes platform was registered in 2017 October.

CnLedger alleges that Alibaba may include P2P nodes in its platform in the future.

Developing the story, Tencent, a Chinese conglomerate has registered a trademark related to the blockchain for a business they refer to Ethernet Lock and Ether Lock alternately.

The moves contradict the Beijing narrative on regulation. Just recently, authorities voiced their desire to reduce bitcoin mining participation as they move to eradicate centralized crypto trading.

P2P Nodes will also represent a change of heart for Jack Ma, Alibaba’s founder who said that the world is not ready to engage with cryptocurrency in December.

Speaking to CNBC, Ma told of the efforts Alibaba spent researching the blockchain only to conclude that bitcoin was “not for him.”

Crypto markets continue to sweat from Chinas regulation with bitcoin losing close to 15% in the last 20 hours of trading.

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