Alibaba Affiliate Will Use $14 Billion Raised to Develop Blockchain And New Technologies

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The payment affiliate of China-based giant Alibaba, Ant Financial, will use $14 billion raised in a Series C round funding to develop blockchain and new technologies, reported Coindesk on June 8.

The ultimate goal of Ant Financial is to offer inclusive financial services to the underbanked. The sum of money that was raised through the funding round will be used to develop technological features in order to foster the knowledge of artificial intelligence and internet of things and blockchain.

There has not been any precise roadmap concerning the blockchain development that was revealed by the payment giant, but it is a considerable news since the company had 800 million active users in 2017.

Rather than focusing on consumer financial services as it was doing, Ant Financial will now focus on technology development and blockchain will be one of the main technologies the firm will be working on a lot.

Ant Financial CEO mentioned earlier this year that “the authenticity of assets is a great challenge. In this sense, the blockchain has a very positive significance and is a cornerstone of the trust of the digital society in the future.”

 

 

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