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An affiliate financial company of Chinese internet giant Alibaba, known as ‘Ant Finance’ announced on Friday it has raised $14 billion in a Series C round funding, which will be used to double down on its development of blockchain technology.
Once known as Alipay not until 2014 it was changed to Ant Financial. The Alibaba affiliate touts the goal of offering inclusive financial services to the underbanked. According to today’s announcement , the new equity financing will be used to develop the firm’s technological capacity such as in blockchain. Other areas of focus include artificial intelligence and internet of things.
Reuters reported on Tuesday that as China continues its crackdown on financial risk, Ant Financial is shifting its business focus away from consumer financial services to technology development. Within that, blockchain remains one main focus, the report said.
Ant Financial and Alibaba have already started blockchain related application development.
Eric Jing, CEO of Ant Financial, also said in March that while the firm has ruled out possibility of an initial coin offering, it will continue on blockchain development, with a main focus on cross-blockchain compatibility.