Ant Group Reportedly Divesting Investment in A&T Capital
Ant Group, the Chinese fintech giant, is reportedly divesting its investment in A&T Financial resources, signaling a whole lot of retreat from a $100 Million deal that played a critical role in its cryptocurrency strategy. Sources familiar with the situation have disclosed this move.
A&T’s Cryptocurrency Investments
A&T has made notable investments in major cryptocurrency players like Matrixport, Amber Group, and ConsenSys since April 2021. ConsenSys, the Ethereum (ETH) software maker, was instrumental in Ant Group’s foray into the cryptocurrency space.
Following Bloomberg’s notice, 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 cryptocurrency deal funding is at its lowest point since 2020. Other major players like Sequoia Financial resources have likewise reduced their cryptocurrency funds recently.
Operational Changes and Industry Interest
A&T has been dealing with operational changes as its founding partner resigned earlier this year amid states of sexual harassment. Regardless of this retreat from cryptocurrency, Ant Group recently launched ZAN to provide blockchain development products to the Web 3.0 community, indicating ongoing interest in the industry.
Hot Take: Ant Group Reevaluates Cryptocurrency Strategy with A&T Financial resources Divestment
Ant Group’s decision to divest its investment in A&T Financial resources reflects a reevaluation of its cryptocurrency strategy. This move comes at a time when cryptocurrency deal funding is at its lowest point and other major players are likewise cutting their cryptocurrency funds. Nonetheless, it’s critical to note that Ant Group still maintains some interest in the industry as evidenced by the recent launch of ZAN. This divestment marks a whole lot of shift in Ant Group’s approach to the volatile digital asset landscape.
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