Alibaba’s Subsidiary Will Allocate $14 Billion to Develop the Blockchain Technology 703

alibaba blockchain

Ant Financial which is an affiliate part of Alibaba and a parent company of the well-known Alipay held an impressive fundraising of $14 billion. The money raised will go for advancing and developing the technological sector of the company, the blockchain technology in particular.

The funds were raised due to a large flow of investments. $11 billion out of the whole sum came in US dollars, while the remaining $3 billion were in Chinese yuan. The biggest investment equalled unbelievable $500k.

According to the company’s CEO, Eric Jing, blockchain is the cornerstone of trust for the digital society in the future.

Blockchain will not be the only focus of the company. Ant Financial is also going to work on implementing artifical intelligence, Internet of Things into its operations, excelling computing powers and exploring new possibilities for changing things for the better.

Since the Chinese government has officially banned all the operations with cryptocurrencies, as well as token sales and ICO platforms, the companies have turned to the one part of the digital world that hasn’t been restricted yet – blockchain.

We would like to remind you that another subsidiary of Alibaba, T-Mall, is also using blockchain to improve its shipment system and to track goods in the chain.

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