Chinese firms Ant Financial, a payment affiliate of the Alibaba Group (NYSE: BABA), was able to raise approximately $ 14 billion through Series C funding, according to the company's statement.
Funds collected by a group of private investors will be directed towards advancing technological innovations and most notably, blockchain development. Such technologies could be introduced into payment systems and other financial services. Ant Financial is currently looking for ways to develop Alipay, a leading payment provider in China which claims to have attracted 800 million active users.
Why it is important
- Сryptocurrency trading is banned in China, but there is interest in blockchain development. Some large private corporations, and government departments including the Central Bank are interested in the technology.
- Recently, Chinese president Xi Jinping announced his supports blockchain development for the first time.
However, Ant Financial hasn’t disclose a roadmap for developing the technological capabilities, although its known that Internet of Things (IoT) and Artificial Intelligence technologies will be developed alongside the blockchain.
Earlier in March, Eric Jing, CEO of Ant Financial, said that he did not rule out the possibility of holding an ICO and issuing its own cryptocurrency. However, noting that the company will mainly focus on blockchain technologies.
By Ekaterina Ulyanova