Ant Group launches new blockchain brand for Web3 developers.

Ant Group launches new blockchain brand for Web3 developers.

Alipay’s Owner Ant Group Launches Blockchain Sub-Brand ZAN

Ant Group, the owner of Alipay, the world’s largest mobile payment platform, has recently announced the launch of its new sub-brand called ZAN. This move marks Ant Group’s entry into the blockchain industry, as it aims to provide blockchain development and services for institutional and individual Web3 developers.

In a press release published on September 8th, Ant Group highlighted the wide range of technical products and services that ZAN will offer its clients. One of the key offerings is a solution to assist Web3 companies in issuing and managing real-world assets (RWAs) in accordance with local regulatory requirements. Additionally, ZAN will provide various technical products including electronic Know Your Customer (KYC), Anti-Money Laundering (AML), and Know Your Transaction (KYT) checks for Web3 platforms.

ZAN also plans to offer smart contract reviews and node services, which will include remote procedure calls to facilitate the development of decentralized applications (DApps). This comprehensive suite of services shows Ant Group’s commitment to supporting blockchain projects and fostering innovation in the industry.

The adoption of ZAN’s electronic KYC solution by HashKey DID, a Web3 decentralized identity data aggregator, further emphasizes the brand’s credibility and appeal. During the Hong Kong Web3 Festival in April, HashKey Group announced its partnership with ZAN and expressed its confidence in the effectiveness of ZAN’s KYC technology.

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Ant Group’s decision to separate its blockchain branch from its main entity aligns with its strategy to apply for a financial holding license in China. By establishing the blockchain branch as a separate entity, Ant Group can focus on blockchain-related initiatives and comply with regulatory requirements in the financial industry. This move highlights the company’s recognition of the immense potential of blockchain technology and its dedication to exploring its applications.

It is worth mentioning that Ant Group’s initial public offering (IPO) in 2020, with a targeted valuation of $226 billion, was ultimately blocked by the Chinese government. Despite this setback, the company’s foray into the blockchain industry with the launch of ZAN demonstrates its resilience and commitment to growth.

Blockchain technology has been gaining increasing attention and recognition across various industries. Its transparent and decentralized nature offers the potential to revolutionize traditional financial systems, supply chain management, healthcare, and many other sectors. With the launch of ZAN, Ant Group positions itself as a key player in the blockchain industry, contributing to the ecosystem’s development and providing essential services to enable the growth of Web3 technologies.

In conclusion, Ant Group’s introduction of its blockchain sub-brand, ZAN, signifies a significant step into the blockchain industry. As the owner of Alipay, Ant Group has established itself as a leader in the digital payments space, and now aims to leverage its expertise to support the development of blockchain technologies. By offering a comprehensive suite of services, including real-world asset management, KYC checks, and smart contract reviews, ZAN is poised to play a vital role in the growth of Web3 applications. Ant Group’s commitment to blockchain technology exemplifies the increasing recognition and adoption of blockchain across industries worldwide.

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