Ant Group Shakes Up Crypto Landscape With $100 Million Withdrawal From Crypto Industry

Key Points:

• Ant Group will exit its $100 million crypto investment in A&T Capital.
• A&T Capital is in turmoil as its founding partner resigns amid a workplace probe.
• Ant Group unveils a Web3-focused sub-brand, ZAN, for real-world asset management and compliance solutions.

According to Bloomberg, Ant Group, the parent company of the world’s largest mobile payment platform, Alipay, is reportedly preparing to withdraw its investment in cryptocurrency venture capital firm A&T Capital, a move that marks its departure from a $100 million investment in the digital asset sector.

This move follows recent developments within A&T Capital, including the resignation of its founding partner, Yu Jun, who had previously been an executive at Ant Group.

The decision to unwind this investment comes amidst an investigation into Jun’s workplace conduct, although it remains uncertain whether A&T Capital will continue to operate independently or seek new investors to sustain its operations. As of now, the company’s website displays a timed-out error message.

A&T Capital, founded in April 2021, had initially been a prominent player in the Chinese crypto investment landscape, with notable investments in companies like ConsenSys, the parent company of MetaMask. However, allegations of harassment against one of its partners added to the turbulence surrounding the firm.

Meanwhile, Ant Group recently introduced its new sub-brand, ZAN, which is set to address challenges in the Web3 space. ZAN aims to facilitate the issuance and management of real-world assets (RWAs) while complying with local regulatory requirements.

The sub-brand also includes technical products such as electronic Know Your Customer (KYC), Anti-Money Laundering, and Know Your Transaction checks, aligning with Ant Group’s commitment to innovation in the evolving digital landscape.

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