Alibaba’s Ant Financials Is Goinng To Develop A Blockchain Technology

On Friday the payment branch of Chinese internet giant Alibaba Ant Financial announced that it has raised $14 billion in a Series C round funding, which will be used to develop new technologies such as blockchain.

Established in 2004 as AliPay and then changed into Ant Financial in 2014, Alibaba’s branch advertises the aim of suggesting comprehensive financial services for underbanked. As per the announcement which has been done today, the new capital financing is going to be used to create the company’s technological potential in the field of artificial intelligence and the Internet of things, as well as blockchain.

However Ant Financial has not shown a specific operational plan of its blockchain development, the statement is very notable given AliPay’s status as an important payment provider in China, which calculates 800 million active users a year ago.

Essentially, both Ant Financial and Alibaba have already launched blockchain-related application development. According to the reports Ant Financial has widened the assistance for its blockchain-based charity grants platform, while Alibaba has deplotyed a pilot of a blockchain Food Trust Framework that aims to track international shipments.

CEO of Ant Financial Eric Jing mentioned that, while the company has excluded possibility of an initial coin offering, it will go on with blockchain development, taking a main focus on cross-blockchain compatibility.