New Zealand launches new Bitcoin exchange BitPrime and works with Jack Ma to develop blockchain food security system

New Zealand is set to launch a new exchange, BitPrime, this week, despite the failure of a prominent bitcoin trading service. The move comes just six weeks after bitNZ was forced to shut down after running since 2011 due to a bank closure.

BitPrime CEO Geoffrey Palmer said in a press release on Tuesday:

"Bitcoin is still a new concept for most people and we want to make it an everyday investment model for New Zealanders."

“With bank interest rates so low, investors are looking for asset classes that can provide higher returns, and Bitcoin fits the bill.”

Although the transaction volume in the New Zealand market is still small, the expansion of the consumer market indicates a favorable banking environment.

New Zealand Post joins hands with Alibaba

At the same time, blockchain companies in New Zealand are also rising rapidly. According to Huobi Blockchain Research Center, New Zealand Post announced this week that it will cooperate with China's Alibaba and dairy giant Fonterra to develop a "blockchain-based food security system" to dispel customers' concerns about product quality and safety.

The reason for this cooperation was the Fonterra milk powder bacteria incident that broke out in 2013. Although the results eventually proved to be a false positive, Chinese consumers were full of doubts about food safety.