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.
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