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    <p>Chinese fintech <a rel="dofollow" title="giant" href="https://thebittimes.com/tag/giant.html">giant</a> <a rel="dofollow" title="Ant Group" href="https://thebittimes.com/tag/ant-group.html">Ant Group</a> is reportedly pulling out of the <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market by selling its $100 million stake in A&amp;T Capital, amid market turbulence and increasing focus on AI.</p> 
    <p>A&amp;T Capital was founded in April 2021 and has invested in various <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms including Matrixport and ConsenSys. The firm hit a significant snag several months ago when its founding partner Yu Jun resigned amid an investigation into his workplace conduct.</p> 
    <p>With the departure of its major investor, Ant Group, it’s unclear whether A&amp;T Capital will shut down or look for new funding.</p> 
    <p>The move comes amid waning venture capital in <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>. VC funding hit a record low for <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> in June when it dropped by 23% from May, to just $520 million raised in 84 funding rounds, Bloomberg reports.</p> 
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       Was FTX funded by Chinese capital flight?
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    <p><em>Read more: Opinion: Silicon Valley Bank and the hypocrisy of venture capitalists</em></p> 
    <p>Meanwhile, Ant Group has decidedly shifted its attention to AI. It entered China’s AI market two weeks ago by unveiling a finance-focused AI model.</p> 
    <p>Jack Ma-backed Ant Group, which owns Alibaba, is one of the biggest financial service firms in the entire world. Its most recent quarterly profits rose 17.4%, signalling a relief after two years of Chinese regulatory crackdowns that placed financial pressure on the fintech behemoth.</p> 
    <p>In July, Ant Group was slapped with a 7.12 billion yuan fine ($985 million) in China for violating several regulations surrounding consumer protection, anti-money laundering, and corporate governance.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/fintech-giant-ant-group-ditches-crypto-for-ai-tbt63111.html">https://thebittimes.com/fintech-giant-ant-group-ditches-crypto-for-ai-tbt63111.html</a></p>

Fintech giant Ant Group ditches crypto for AI

TheBitTimes

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