Ask anyone from China, and they’ll tell you that American culture is odd, but that they love it. Everything from cheeseburgers to pop bands have made their way across the Pacific, and the Chinese are embracing American culture, entertainment, and food.
The same can’t always be said for the American side. While the proliferation of Asian restaurants on the west coast may be an indicator of cultural connection, the reality is very much different. Having a plate of orange chicken at your local take out Chinese place isn’t the same as really understanding what makes Chinese culture tick.
And this is very true of business relations as well. While Chinese companies are the go-to firms for manufacturing, product production, and high-end electronics (aka Apple), the way business works in China is still a bit of an enigma.
What’s more, this cultural gap hasn’t been bridged despite a large amount of business cooperation. One only need look at the recent trade war between the US and China to see the cultural rift that exists between the two powerhouses. And nationalistic policies on both sides are only entrenching the massive divide, pushing both nations into further points of distinction.
Building blockchain bridges?
However, while the cultural and business divides are wide, the technology connection has never been stronger. The world needs Chinese manufacturing prowess, and the Chinese need connections to American business. Additionally, the financial liquidity present in the Chinese economy is necessary for global growth as well.
One of the best connections is through blockchain technology. The relatively nascent addition to the tech world is just starting to make inroads into daily life in China in new and interesting ways.
However, despite these potential growth points, the massive Chinese market for new blockchain products and cryptocurrencies remains relatively untapped, due in large part to the cultural divide. This problem makes connecting to the Chinese economy particularly difficult for new players in the cryptocurrency sphere.
Some companies, though, are seeing the need for cultural connection and offering ways for blockchain platforms to connect directly with the Chinese populace.
Take, for example,Biki, a relatively new Singapore-based cryptocurrency exchange. The company has begun offering its massive social media following in China as a potential place for new additions to their exchange to gain market penetration.
The company has a staggering 200,000 person WeChat following, to which new coins would automatically receive a plug. Plus, the company employs many other influencers on social media. Taken together the exposure could be incalculable for a new trader seeking access to the Chinese market.
Of course, other companies have seen the potential and are seeking to gain similar access points for their customers. Nevertheless, the massive amount of time it takes to build an organic feed on Chinese social media is a major hindrance.
In fact, while other companies can offer similar services in terms of exchange support, only BiKi offers the combination of exchange and PR for new additions to their platform. While the exchange service is important, reaching the massive Chinese market with a new cryptocurrency, and bridging the gap culturally for greater user appeal is not only more difficult but far more lucrative.
While the blockchain renaissance continues its slow progression, the growing need for new cryptocurrency startups is to find ways to enter untapped markets. With a combination of PR and exchange services, companies like BiKi are beginning to make headway into these arenas.
Certainly, the great cultural barriers that exist will continue to pose a substantial issue. But more than that, the finding new and more robust ways to bridge those gaps with technology will continue to be a challenge for platforms and consumers alike.