🌋 Alibaba Expands Support for Blockchain Units

posted  1 Jul 2024
Photo - Alibaba Expands Support for Blockchain Units
Alibaba's arm, Ant Digital Technologies, has increased the registered capital for two of its blockchain subsidiaries, Ant Chain Digital Technology and Ant Blockchain Technology. The capital infusion exceeded previous amounts by over fifteen times, with the former receiving approximately $289 million and the latter about $200 million.

Both entities focus on developing software solutions, trading related hardware, and providing IT services. This robust financial backing highlights that, despite the ban on cryptocurrency transactions, Chinese firms remain heavily invested in advancing blockchain technology.

For instance, last year, Ant Digital Technologies launched the ZAN brand, which offers tools for the tokenization of real-world assets (RWA), as well as solutions for anti-money laundering (AML), identity verification (KYC), smart contract audits, and even services related to launching individual blockchain nodes.

Beyond its internal ventures, Alibaba is also actively engaging with external blockchain projects. Notably, Alibaba Cloud has partnered with Aptos to advance Web3 technologies, and previously, the company had provided infrastructure support for the validators of the Sui testnet in collaboration with its official developers, Mysten Labs.