Chinese tech giant Ant Group has launched a sub-brand called Zan that will help blockchain developers launch Web3 solutions. Although China has maintained a strict anti-crypto stance for two years, some of its tech giants have taken incremental steps to explore use cases for blockchain, which also lays the foundation for the underlying technology that underpins cryptocurrencies. Zan provides a suite of blockchain application development products and services to assist Web3 developers.
The first solution the brand brings is to help Web3 companies that manage or issue managed real-world assets (RWA) comply with local regulatory requirements.
Its product suite also comes with systems and tools around electronic know-your-customer (KYC), anti-money laundering, and know-your-transaction checks for developers to use in their projects.
Zhang Hui has been appointed CEO of Zan, and details of the person’s previous work experience or connection to Ant Group are unclear.
“Zan is committed to investing in the research and development of Web3 technology and products, providing the community with broader and more reliable technical service support, and working with our partners to accelerate the development and innovation of Web3. Web3 is a technology field that brings new opportunities. “Zhang said.
While the platform was publicly announced today, it has been in the works for quite some time. In early 2023, Zan has started piloting its service. During the Hong Kong Web3 Festival in April this year, Zan’s products were adopted by HashKey DID, a Web3 decentralized identity data aggregator.
Zan was established as an entity and is expected to help the Chinese parent company move directly into the IPO stage.
In 2020, Ant Group missed a huge opportunity to conduct a $30 billion (approximately Rs. 2,50,546 crore) initial public offering (IPO) in Hong Kong and Shanghai. At the time, the company was expected to be valued at $226 billion (approximately Rs. 1,876,195 crore), but the IPO was blocked by Chinese authorities.
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