According to an update recently related by a popular crypto commentator, Dovey Wan, the Chinese police just clamped down on a high profile ICO project, GXChain (GXC). This has obviously left negative impact on the price of the cryptocurrency, as it presently dwindles speedily in the market.

At press time, GXChain (GXC) occupies 90th position according to CoinMarketCap, with about $41,000,000 market cap. The clamp down on the firm by Chinese police has aided its speedy loss in market value.

The digital currency is known to be one of the high profile ICOs which came to being in 2017. Back then, GXChain recorded an all-time high market capitalization of over $600 Million. As pointed by Dovey Wan, GXC was considered among the few legitimate ICOs in operation.

At the time of filing this report, GXC is trading at $0.624626, with relatively 17% price decrease in the last 24 hours.This clamp down could aid its loss of market value further.

BREAKING Another high profile 2017 ICO project GXChain $GXC just got clamped down by the Chinese police 😱😱😱 GXChain was a very hot ICO back in the days with ATH market cap over $600M (even now still holds $48M) and considered to be among the very few legit ICOs … pic.twitter.com/6uUPBx8og9 — Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) September 11, 2019

China Ranks GXChain (GXC) among Top Crypto

Late June, GXChain was ranked among top cryptocurrencies with outstanding use cases. The third official Global Blockchain Index presented GXChain as a top cryptocurrency.

With its standard metrics for calculating cryptocurrency reliability, China introduced GXChain as another cryptocurrency project worthy of note.

With EOS and Ethereum leading the other crypto asset, GXChain [gong xin lian, ‘public information chain’] stayed at the forth position having higher score in tech than Lisk.

The blockchain project scored higher in terms of applicability than EOS and in terms of innovations than Stellar and NEO all together.

EOS and Ethereum came ahead of others in technology and applications sections. The ranking increased the awareness of people about the digital technology, resulting into more inquisitiveness about the digital currency.

GXChain, at that time, was referenced by CCID Blockchain evaluators as a blockchain project purposely designed for high data sharing and application development.

GXChain Invests In LendChain

In June 2018, Chinese cryptocurrency project GXChain and some hosts of other firms invested tens of millions of Yuan in 2018-founded LendChain.

The investment round witnessed contributions from the likes of Fission Capital, PreAngel, Bitepai, and some others.

The startup have inclusions for credit and mortgage services in notable crypto assets.

Around that period, in a very short interval, LendChain claimed facilitated loans amounting to $234,000.

During that time, reports had it that GXChain‘s Blockcity, having more than 1.5 million real residents will flood LendChain’s platform with lots of users.

Over the years, GXChain had partnered with China Unicom, Rongo360, Union Pay, and others.