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Home»ADOPTION NEWS»Chinese fintech giant Ant Group expands registered capital for blockchain business
ADOPTION NEWS

Chinese fintech giant Ant Group expands registered capital for blockchain business

By Crypto FlexsJuly 1, 20242 Mins Read
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Chinese fintech giant Ant Group expands registered capital for blockchain business
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Company • July 1, 2024 2:41 AM EDT

Posted 1 minute earlier In ~

Ant Digital Technologies, the blockchain division of Alibaba’s fintech arm Ant Group, has expanded the registered capital of two of its subsidiaries as the Chinese conglomerate continues its blockchain business.

The fintech giant confirmed to The Block that Ant Blockchain Technology (Shanghai) Co. recently amended its business registration with Chinese authorities, expanding its registered capital from 100 million yuan to 1.5 billion yuan ($206.4 million).

Founded in December 2018, the blockchain business unit is registered to operate in business areas including software development, hardware retail, and information technology services.

Another subsidiary of Ant Digital Technologies, Ant Chain (Shanghai) Digital Technology Co., also previously increased its registered capital from 100 million yuan to 2.1 billion yuan ($288.9 million), the company said.

Although China banned all cryptocurrency trading on the mainland in September 2021, the country remains open to domestic blockchain technology and the digital economy, with Chinese tech giants like Alibaba and Tencent focusing on developing their own consortium blockchains.

For example, Ant Group Blockchain brand Ant Chain launched July 2020. September 2023 Ant Digital Technologies Overseas blockchain brand ZAN.

Ant Digital Technologies also Blockchain Industry Community It was established in May by Hong Kong to develop central bank digital currencies and tokenization wholesale.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below is the current financial disclosure.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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