Youdao Inc. (DAO), a leading provider of learning products and services in China, saw its stock plummet by 10.72% during Tuesday's trading session. The decline came after news emerged about the company's partnership with Core DAO and Element Wallet, raising concerns among investors about potential risks to user privacy and data security.
The partnership between Core DAO and Element Wallet aims to expand the utility of Bitcoin by enabling decentralized finance (DeFi) and other applications. While Core DAO emphasizes user privacy and security through measures like end-to-end encrypted messaging, investors are worried about the implications of Youdao's involvement with these entities.
Youdao has been actively exploring blockchain technology and cryptocurrency-related initiatives, which could potentially expose user data to privacy risks. The company's association with Core DAO and Element Wallet has raised concerns among investors about the potential impact on Youdao's reputation and the overall trust in its products and services.
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