Crypto News- According to reports from Bloomberg, Ant Group, the parent company of the world’s largest mobile payment platform, Alipay, is in the process of divesting its investment in the cryptocurrency venture capital firm, A&T Capital.
Ant Group’s 100 Million Dollars Withdrawal Alters the Crypto Industry Landscape
This strategic move signals Ant Group’s exit from a previously committed $100 million investment in the digital asset sector. This development follows recent significant changes within A&T Capital, including the resignation of its founding partner, Yu Jun, who had previously held an executive position at Ant Group.
The decision to unwind this investment comes amid an ongoing investigation into Jun’s workplace conduct. However, the fate of A&T Capital remains uncertain at this point – it is unclear whether the firm will continue to operate independently or seek new investors to sustain its operations. Currently, the company’s website displays a timed-out error message, reflecting the uncertainty surrounding its future.
A&T Capital, established in April 2021, initially played a prominent role in the Chinese crypto investment landscape, making notable investments in companies such as ConsenSys, the parent company of MetaMask. Nevertheless, the firm faced challenges, including allegations of harassment against one of its partners, contributing to its turbulent journey.
Meanwhile, Ant Group has launched its new sub-brand, ZAN, with a focus on addressing the evolving landscape of Web3. ZAN aims to streamline the issuance and management of real-world assets (RWAs) while adhering to local regulatory requirements. The sub-brand also offers technical products like electronic Know Your Customer (KYC), Anti-Money Laundering, and Know Your Transaction checks, underlining Ant Group’s commitment to innovation in the ever-changing digital sphere.