A&T Capital Faces Significant Setback as Key Financial Supporter Withdraws amid Cryptocurrency Downturn

A&T Capital Faces Significant Setback as Key Financial Supporter Withdraws amid Cryptocurrency Downturn

Ant Group Reportedly Divesting Investment in A&T Capital

Ant Group, the Chinese fintech giant, is reportedly divesting its investment in A&T Capital, signaling a significant retreat from a $100 million venture that played a crucial role in its crypto strategy. Sources familiar with the situation have disclosed this move.

A&T’s Crypto Investments

A&T has made notable investments in major crypto players like Matrixport, Amber Group, and ConsenSys since April 2021. ConsenSys, the Ethereum software maker, was instrumental in Ant Group’s foray into the crypto space.

Following Bloomberg’s announcement, A&T has not confirmed if it will continue operating or seek a new investor. As of Monday afternoon, the website returned a timed-out error.

This decision coincides with PitchBook data showing that crypto venture funding is at its lowest point since 2020. Other major players like Sequoia Capital have also reduced their crypto funds recently.

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Operational Changes and Industry Interest

A&T has been dealing with operational changes as its founding partner resigned earlier in the year amid allegations of sexual harassment. Despite this retreat from crypto, Ant Group recently launched ZAN to provide blockchain development products to the web3 community, indicating ongoing interest in the industry.

Hot Take: Ant Group Reevaluates Crypto Strategy with A&T Capital Divestment

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Ant Group’s decision to divest its investment in A&T Capital reflects a reevaluation of its crypto strategy. This move comes at a time when crypto venture funding is at its lowest point and other major players are also cutting their crypto funds. However, it’s important to note that Ant Group still maintains some interest in the industry as evidenced by the recent launch of ZAN. This divestment marks a significant shift in Ant Group’s approach to the volatile digital asset landscape.

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