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Blog

Alibaba Venturing Into Blockchain? Launches Two Blockchain Subsidiaries in Shanghai

The payment arm of China’s multinational e-commerce conglomerate Alibaba Group, Ant Financial, has reportedly launched two blockchain subsidiaries in the Huangpu District of Shanghai.

Ant Blockchain Technology Co LTD., and Ant Double Chain Technology Co LTD., as the subsidiaries are dubbed, have been incorporated back on December 6th, 2018, and have a registered capital of 100 million yuan, which is approximately $150,000. That’s according to data from the National Enterprise Credit Information Publicity System.

Different Specializations

According to the reports, both companies will have fairly different areas of expertise within the blockchain field.

The first one – Ant Blockchain Technology, is supposedly going to focus on big data services, software development, network development, financial and technology consultation, as well as projects related to computer information engineering.

The second company – Ant Double Chain, will be providing fintech-related services, including financial information and data services, supply chain management, consultation in the field of financial products, R&D, and so forth. The report also outlines that Double Chain stands for “blockchain” and “supply chain”, hinting at the company’s inclination.

Diving Deeper in Blockchain Technology

The initiative reveals that Alibaba is furthering its efforts in the field of blockchain, especially in the areas related to supply chain finance, cross-border remittance, and electronic bill application.

Ant Financial, formerly known as Alipay, is China’s leading online and mobile payments service provider, boasting over 520,000,000 users.

Last summer, in June 2018, the company revealed that it has managed to successfully trial a brand new blockchain-based remittance service between Hong Kong and the Philippines.

The co-founder and the executive chairman of Alibaba Group, Jack Ma, has long attested his confidence in distributed ledger technology.

Blockchain should not be a tech to get rich overnight…There are still 1.7 billion people in the world who have no bank accounts, but most of them have mobile phones. The impact of blockchain on the future of humans may be far beyond our imagination. – Said Ma.

The post Alibaba Venturing Into Blockchain? Launches Two Blockchain Subsidiaries in Shanghai appeared first on CryptoPotato.

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