Ant Digital Applied sciences, the blockchain arm of Alibaba’s fintech affiliate Ant Group, has expanded the registered capital for 2 subsidiaries, because the Chinese language conglomerate continues its blockchain drive.
The fintech large has confirmed with The Block that Ant Blockchain Know-how (Shanghai) Co. has just lately amended its enterprise registration with Chinese language authorities, increasing its registered capital to 1.5 billion yuan ($206.4 million) from 100 million yuan.
Based in December 2018, the blockchain unit is registered to function in companies together with software program growth, {hardware} retail and knowledge know-how companies.
Ant Chain (Shanghai) Digital Know-how Co. — one other subsidiary of Ant Digital Applied sciences — additionally beforehand elevated its registered capital to 2.1 billion yuan ($288.9 million) from 100 million yuan, the corporate mentioned.
Whereas China banned all cryptocurrency transactions on the mainland in September 2021, the nation stays open to homegrown blockchain know-how and digital economies — with Chinese language tech giants comparable to Alibaba and Tencent specializing in growing their very own consortium blockchains.
Ant Group, for instance, launched its blockchain brand Ant Chain in July 2020. In September 2023, Ant Digital Applied sciences launched its overseas blockchain brand ZAN.
Ant Digital Applied sciences can also be a part of the blockchain industry community that Hong Kong fashioned in Could to develop wholesale central financial institution digital forex and tokenization.
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