Ant Group Expands Blockchain Subsidiaries’ Capital
Ant Digital Technologies, the blockchain arm of Alibaba’s fintech affiliate Ant Group, has increased the registered capital for two of its subsidiaries, showcasing the Chinese conglomerate’s commitment to blockchain technology.
Expansion of Registered Capital
– Ant Blockchain Technology (Shanghai) Co. updated its business registration, boosting its registered capital to 1.5 billion yuan from 100 million yuan.
– The blockchain unit, established in December 2018, is authorized to engage in software development, hardware retail, and information technology services.
– Ant Chain (Shanghai) Digital Technology Co., a subsidiary of Ant Digital Technologies, also raised its registered capital to 2.1 billion yuan from 100 million yuan.
China’s Stance on Blockchain
– While China prohibited cryptocurrency transactions in September 2021, the country remains supportive of domestic blockchain technology and digital economies.
– Chinese tech giants like Alibaba and Tencent are actively investing in the development of their consortium blockchains.
Ant Group’s Initiatives
– In July 2020, Ant Group introduced its blockchain brand, Ant Chain, demonstrating its commitment to blockchain technology.
– Subsequently, in September 2023, Ant Digital Technologies launched its overseas blockchain brand, ZAN, expanding its global presence.
– Ant Digital Technologies is a member of the blockchain industry community established by Hong Kong in May to promote the development of wholesale central bank digital currency and tokenization.
Hot Take: China’s Blockchain Expansion
As China enhances its support for blockchain technology and digital innovations, Ant Group’s strategic moves to expand the capital of its blockchain subsidiaries underscore the growing importance of blockchain in the country’s tech landscape. By investing in blockchain infrastructure and fostering collaboration within the industry, Chinese conglomerates like Alibaba are positioning themselves at the forefront of the blockchain revolution, paving the way for further advancements and global expansion.
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