SHANGHAI, Thursday, July 4, 2024 – Chinese fintech giant Ant Group signaled a stronger commitment to blockchain technology by significantly increasing the registered capital of its blockchain subsidiaries.
Ant Digital Technologies, the blockchain arm of Ant Group, expanded the registered capital for Ant Blockchain Technology (Shanghai) Co. to 1.5 billion yuan ($206.4 million), up from 100 million yuan ($14 million).
Another subsidiary, Ant Chain (Shanghai) Digital Technology Co., also saw its registered capital rise to 2.1 billion yuan ($288.9 million) from the same initial amount.
Founded in 2018, Ant Blockchain Technology focuses on software development, hardware retail, and IT services within China. Though the country banned cryptocurrency transactions in September 2021, domestic blockchain technology and digital economies remain a major focus for tech giants like Alibaba and Tencent.
Ant Group launched its blockchain brand, Ant Chain, in July 2020, aiming to advance blockchain applications in various sectors. In September 2023, the company introduced its overseas blockchain brand, ZAN, showcasing its ambition to be a global leader in blockchain technology.
Ant Group is actively involved in Hong Kong’s blockchain industry initiatives. In May 2023, the company joined a blockchain industry community formed by Hong Kong to develop wholesale central bank digital currencies and tokenization.
