Ant Group, the parent company of Alipay affiliated to Alibaba, announced the new Blockchain initiative called ‘AntChain’.

Ant Group, the fintech arm of the Chinese e-commerce giant Alibaba Group and the parent company of the mobile payment company Alipay, introduced the new Blockchain brand.

The technology brand called ‘AntChain’ was created for the company’s blockchain-based solutions, including OpenChain, according to a statement from the spokesperson of the Ant Group.

The antchain; It is stated that it supports more than 50 areas of use, including shipping and cross-border payments, and the brand also claims to have the capacity to support 1 billion accounts and can make 1 billion transactions per day.

“We want to contribute to the acceleration of blockchain-enabled industry transformations with the launch of the AntChain brand,” said Geoff Jiang, vice president of Ant Group.

It was noteworthy that the news came just a week after Ant Group announced its initial IPO plans on both the Hong Kong and Shanghai exchanges. Having reached 150 billion dollars in the last round of funding, Ant aims to reach 200 billion with this double IPO process.

Investing in Blockchain since 2015

Ant Group has been known for its substantial investment in blockchain research and development since 2015. The group also started the “AntChain Station” project today. Thanks to the “AntChain Station”, corporate customers will be able to implement their Blockchain-based solutions in 1 hour. This means 90 percent more speed than the previous 10 hours of practice.

On the other hand, AliPay, a branch of the group, continues to work on projects put forward for China’s official digital money. AliPay will most likely be a distributor of digital yuan.

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