Ant started the blockchain project in September last year with the goal of creating a critical technology company at the heart of Web3, the way Google and Microsoft became vital service providers to traditional industries in the Web 2.0 era, Zan CEO Cobe Zhang Hui told the Post on Thursday.
“We hope to bring the technology services that Ant has accumulated over the years, including not only blockchain, but also those we have developed in the field of financial compliance, to Web3 developers,” Zhang said.
He added that Zan is aiming for its suite of technical solutions for Web3 developers, including services as a node provider and for know-your-customer verification, to achieve the largest market share in Asia-Pacific within two or three years, Zhang said.
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Is cryptocurrency too risky for China?
Is cryptocurrency too risky for China?
Ant established Zan in Hong Kong to expand its blockchain services outside mainland China, according to Zhang.
“AntChain had already made it to the top in mainland China’s blockchain market,” Zhang said. “Setting up an entity in Hong Kong gives us more freedom to explore, given the city’s [supportive] policy guidance and environment.”
Mainland China is relatively conservative about certain Web3 innovations, and Ant hopes to do more “forward-looking” things in Hong Kong’s “open environment”, he added.
The Chinese government has over the years ramped up its crackdown on cryptocurrencies – the main use case of blockchain technology today – saying that they disrupt economic and financial order and are a breeding ground for criminal activity.
“The trading of tokenised assets and funds on the blockchain has a similar technical model to that of public blockchains today, but it is in a more regulated and secure environment, where you won’t lose money because of a private key,” Zhang said.
“That makes it more user-friendly for the general public.”