Ant Group, the fintech subsidiary of Chinese internet giant Alibaba, is taking an important step in the crypto space. It introduced ZAN, the blockchain service specifically designed for both Hong Kong and overseas markets. Alipay’s parent company, Ant Group, announced that ZAN is ready to serve both corporate and individual customers in these international markets.
Major move into the crypto space: The complete suite of blockchain solutions
ZAN CEO Zhang Hui introduced the platform at a conference in Shanghai. Accordingly, he emphasized that ZAN offers a comprehensive suite of blockchain application development products and services. These services appeal to both corporate organizations and individual web3 developers. It provides them with a wide variety of blockchain related tools and solutions, as well as in the crypto space.
ZAN’s capabilities extend to assisting institutional clients in issuing and managing real-world assets in compliance with local regulatory requirements. Additionally, the platform provides a range of technical products, including electronic know-your-customer (e-KYC), anti-money laundering (AML) and know-your-transactions (KYT) services. These services enhance the customer authentication, security protection and risk management capabilities of web3 businesses. It also aims to empower them in the crypto space.
commitment to progress
Zhang underlines the platform’s commitment to research and development in the field of Web3 technology. Zhang said, “At Ant Group Digital Technologies, we have observed trends in the application development process. We also identified challenges related to efficiency and safety. To address these trouble spots, ZAN continues to invest in the research and development of Web3 technologies and products. It also provides more comprehensive and reliable technical services to support the community. On the other hand, we are committed to working with our partners to accelerate Web3 developments and innovations.” makes the statement.
China’s steps into the crypto space
China banned cryptocurrency transactions in September 2021. However, the country has taken a strong stance on domestic blockchain technology and digital economies. Major Chinese tech giants, including Alibaba and Tencent, are making strides. Accordingly, they are focusing on developing their own consortium blockchains to foster innovation in this field.
Alibaba’s Ant Group is no stranger to the blockchain arena. The company launched its blockchain brand AntChain in July 2020. He also demonstrated his commitment to advancing blockchain technology. Ant Group reported earlier this year that it has begun piloting ZAN’s technical services. Notably, ZAN’s e-KYC feature has already been adopted by HashKey Group, a leading crypto firm based in Hong Kong, for its identity data aggregator service.
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