April 19, 2024
Latest Cryptocurrency News

Ant Group Unveils ZAN Sub-Brand for Blockchain Services

Ant Group, the company behind the world’s largest mobile payment platform, Alipay, has introduced a new sub-brand called ZAN. This sub-brand will have a specific focus on blockchain development and services catering to both institutional and individual Web3 developers.

The official press release, published on September 8, outlines the comprehensive range of technical products and services that ZAN intends to offer to its clients. These offerings include solutions to assist Web3 companies in issuing and managing real-world assets (RWAs) while complying with local regulatory requirements. Additionally, ZAN will provide various technical products, such as electronic Know Your Customer (KYC) services, Anti-Money Laundering (AML) checks, and Know Your Transaction (KYT) checks tailored for the Web3 sector.

Furthermore, ZAN will extend its services to encompass smart contract audits and node-related services, including remote procedure calls for the development of decentralized applications (DApps).

During the Hong Kong Web3 Festival in April, HashKey DID, a Web3 decentralized identity data aggregator, announced its adoption of ZAN’s electronic KYC solution. HashKey Group was also one of the early partners participating in ZAN’s brand launch ceremony.

In July, Bloomberg reported that Ant Group was considering separating its blockchain division from its primary entity, to apply for a financial holding license in China.

In 2020, Ant Group had ambitious plans for an initial public offering (IPO) valued at $30 billion in Hong Kong and Shanghai, with an overall company valuation target of $226 billion. If successful, this IPO would have broken records, surpassing the $29.4 billion raised by the Saudi Aramco IPO. However, the Chinese government intervened and blocked the IPO.

Image by Gerd Altmann from Pixabay

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