RRMine Global, a Filecoin service provider of global cloud-computing asset management, reportedly revealed the ceasing of its China-based business and move to a new headquarters in Singapore. 

Specifically, the firm reportedly revealed that the initiative to set up shop in a new nation and introduce upgrades to their system surfaced following the rebranding from RRMine to RRMine Global.

RRMine Global is reportedly terminating its operations in Mainland China following the Chinese authority employing a tighter grip on cryptocurrency regulations, signaling the authority’s devotion to heavily regulating the Web3 sphere. 

“Very much like other entrepreneurs, we want the best for our company, employees, and community. The decision has been made after a profound examination and multiple discussions.” Steve Tsou, the global CEO of RRMine Global, further claimed shared. 

Singapore appears to be the obvious selection for the initiative, since numerous Chinese Web3 firms have already established a presence in the nation. 

Singapore provides a relatively balanced regulatory approach toward the emerging crypto sphere, and has a reputation for being one of the world’s leading open economies.

The firm additionally disclosed details of the official roll-out of a new upgrade service, R-Datacap storage, which is expected to bring down operational costs and amplify yield efficiency.

CEO, Steve Tsou shared, “We are taking the lead in Web3.0 technology research and development to create a more efficient system for tackling the issue. Data storage providers will receive ten times the output incentive under the FIP-0012 proposal, which Filecoin approved. We are excited to bring this innovation to RRMine Global and Filecoin users very soon. It will undoubtedly be a game changer for our storage industry.”