The parent company of Alipay announces strong incentive for blockchain development

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The blockchain spree of giant companies entering the field continues with the Alipay’s parent company Ant International.

Ant International had reached agreement with investors to secure 14 billion dollars in their Series C equity financing round. This investment is planned to be spend on blockchain and technological innovation.

The company that has been valued at 150 billion dollars, now plans to use the money to advance the Alipay’s blockchain, artificial intelligence, security, and Internet of Things capabilities.

This investment round had included investments from domestic side in Yuans and from international side in US dollars. Many global banking giants like Deutche Bank, Citi Bank, China International Capital Corporation, J.P. Morgan, and Morgan Stanley has been the active financial advisors for this deal.

Guided by the available information given by the company, Alipay together with its partners had served 870 million active users globally and over 15 million small businesses in China.

Eric Jing the Executive Chairman and CEO of Ant Financial has said that the investor funds will be used to:

“Building an open ecosystem and investing in technology and innovation in order to serve unmet financial needs of people everywhere and to enable them to benefit from the development of the digital economy.”

The Ant International company has been subsidiary of Alibaba Group Holding, whose founder Jack Ma last year had became the richest man in Asia with 41.8 billion dollars of personal net worth. He said that he has been researching blockchain for many years and has a strong believe in the future of the technology and its potential.