Ant Group, the Chinese fintech giant founded by Jack Ma, is reportedly leaving the cryptocurrency sector by selling its $100 million stake in A&T Capital.
Chinese Fintech Company Ant Group Is Going To Focus On Artificial Intelligence
Ant Group, the Chinese fintech giant founded by Jack Ma, is reportedly leaving the cryptocurrency sector by selling its $100 million stake in A&T Capital. The move comes as Ant Group aims to streamline its business operations and focus on its core strengths. The company has been exploring AI applications in various areas, including risk management, customer service, and fraud detection.
A&T Capital, which was founded in April 2021, is known for investing in crypto startups such as Matrixport and ConsenSys, but its future may be uncertain after losing its key backer.
Ant Group's decision to exit the crypto market and focus on AI is not surprising, given the regulatory scrutiny that the crypto industry has been facing in China. The company's move is also in line with the Chinese government's push to promote the development of AI and other emerging technologies.
This follows a trend of diminishing venture capital funding in the cryptocurrency industry, with June seeing a 23% reduction in VC funding compared to May. The move is expected to have a ripple effect on the crypto market, as Ant Group is one of the largest fintech companies in the world.
However, Ant Group, Alibaba's parent company, is changing its focus to artificial intelligence (AI) and has just entered China's AI industry with the release of a finance-focused AI model. Despite regulatory obstacles, Ant Group's most recent quarterly profits increased by 17.4%.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
