Gift Card Startup Secures Backing of Chinese Cryptocurrency Investor

Sonic Zhang, an entrepreneur from China, has committed to spending 25,000 ether, which is currently valued at about $12 million, to support Zeex, an offshoot of the Israeli gift card startup Zeek Mobile Ltd. Zeex announced Zhang’s support Wednesday, saying he would become an early participant in Zeex’s upcoming cryptocurrency crowdsale. Zeex said it plans to use the proceeds from the crowdsale to develop technology that would allow consumers to pay for everyday goods and services using cryptocurrency.