Ant Group Launches New Blockchain Service ZAN
Ant Group, an affiliate company of Alibaba and parent of Alipay, has launched a new blockchain service called ZAN. This service aims to expand the global Web3 presence and will target Hong Kong, Singapore, and overseas markets.
Features of ZAN
- ZAN offers a broad range of blockchain application development products and services.
- It caters to both institutional and individual Web3 developers.
- Institutional clients can use ZAN to issue and manage real-world assets in compliance with local regulatory requirements.
- It provides technical products to help Web3 businesses enhance their capabilities in customer identity authentication, security protection, and risk management.
Pilot and Adoption
Ant Group started the pilot of ZAN’s technical services in early 2023. Additionally, HashKey Group, a Hong Kong crypto firm, has adopted ZAN’s e-KYC feature for its identity data aggregator service.
Global Interest and Expert Opinion
While China has banned cryptocurrency transactions, Chinese tech giants like Alibaba and Tencent are focusing on developing their own consortium blockchains. Financial expert Jessica Ran at Bayshore Capital Advisors commented, “It’s too early to say whether ZAN will gain real traction overseas. We need to wait and see.”
On Thursday, Alipay launched three new mobile wallets in the Philippines, further expanding its services.
Ant Group’s launch of ZAN showcases their commitment to blockchain technology and their efforts to expand globally. The success of ZAN in overseas markets remains to be seen.
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