Alibaba Executive Vice Chairman Likes Crypto
Alibaba Group Executive Vice Chairman Joe Tsai, who also owns the Brooklyn Nets, has stated that he supports bitcoin.
Joe Tsai, the executive vice chairman of Alibaba Group, has revealed that he is a fan of cryptocurrency. Tsai also owns the Brooklyn Nets NBA franchise, whose superstar Kevin Durant is a Coinbase investor and brand advocate.
Despite Alibaba’s high-ranking executive Tsai’s personal fondness for cryptocurrency, the e-commerce firm has been enforcing an anti-crypto policy this year. This is partly owing to the fact that Alibaba is situated in China and must comply with the Chinese mining restriction, as well as another ban enacted by the local government this year on the crypto business and exchanges in particular.
Alibaba Group stopped the selling of cryptocurrency mining devices in September. The e-commerce giant has also prohibited the use of any cryptocurrency on any of its platforms, including Bitcoin, Ethereum, and Litecoin.
The firm also stated that it will no longer sell any lessons or guides relating to the bitcoin sector. Alibaba was compelled to enforce these draconian crypto limitations in order to continue functioning in China.
Kevin Durant, the NBA superstar with the Brooklyn Nets, invested in Coinbase, the largest U.S.-based crypto exchange, in 2017. In comparison to four years ago, his investment has increased more than 50 times by 2021.
Furthermore, Durant’s business, Thirty-Five Ventures, has a multi-year agreement with Coinbase to promote the only publicly listed cryptocurrency exchange in the United States. As part of the agreement, the firm will give Durant with advertisements and sponsored material to help him promote the cryptocurrency trading platform. The celebrity will serve as the face of the Coinbase brand.