September 15, 2023
By Anjali Kochhar
In a significant move within China’s tech landscape, Ant Group, one of the country’s tech giants, has introduced a sub-brand named ‘Zan.’ This sub-brand is dedicated to supporting blockchain developers in creating solutions for Web3, despite China’s firm stance against cryptocurrencies.
While China has maintained stringent anti-crypto legislation for the past two years, some of the country’s largest tech companies are slowly investigating the possible applications of blockchain, the underlying technology that powers cryptocurrency. An array of blockchain application development tools and services are included in Ant Group’s “Zan,” which is designed to help Web3 developers.
One of the first services Zan provides is meant to help Web3 businesses who manage or issue real-world assets (RWAs) comply with local regulatory obligations.
Hui Zhang has been chosen as CEO of Zan. It is unclear what his past connections to Ant Group were. Zhang reaffirmed the company’s commitment to advancing technical services, bolstering partner engagement, and investing in Web3 technologies in order to speed up Web3 innovation.
He made a point of pointing out that the Web3 industry is a developing one that is teeming with fresh chances.
The brand has been in development for some years, even if Zan’s introduction was only recently made public. Zan began testing its services in early 2023. Zan was chosen by HashKey DID, a Web3 decentralized identification data aggregator, for its offers during the Hong Kong Web3 Festival in April.
It’s important to note that in 2020, Ant Group suffered a major setback when Chinese regulators prevented its anticipated $30 billion initial public offering (IPO) in Hong Kong and Shanghai. Regulatory difficulties prevented the business from moving forward with its planned $226 billion valuation for the IPO.
The introduction of Zan by Ant Group, which highlights the growing interest in these technologies even in a regulatory climate that has been wary of cryptocurrencies, marks a significant step into the blockchain and Web3 arena as China’s digital scene continues to develop.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
