Ant Group, the owner of the world’s largest mobile payment platform, Alipay, has unveiled its new sub-brand called ZAN, focusing on blockchain development and services tailored for both institutional and individual Web3 developers.
The official press release, issued on Sept. 8, outlines ZAN’s extensive range of technical offerings for its clientele. ZAN’s offerings commence with a solution designed to assist Web3 companies in issuing and managing real-world assets (RWAs) in strict adherence to local regulatory requirements.
The portfolio also encompasses a suite of technical products, encompassing electronic Know Your Customer (KYC) procedures, Anti-Money Laundering protocols, and Know Your Transaction checks specifically tailored for the Web3 ecosystem.
ZAN is further committed to delivering services such as smart contract audits and node services, including remote procedure calls, essential for constructing decentralized applications (DApps).
During the Hong Kong Web3 Festival held in April, HashKey DID, a Web3 decentralized identity data aggregator, made a significant announcement, indicating its adoption of ZAN’s electronic KYC solution.
HashKey Group actively participated in ZAN’s brand launch ceremony, establishing itself as one of the inaugural partners in this innovative venture.
In a development reported by Bloomberg in July, Ant Group is actively exploring the possibility of separating its blockchain division from its core entity, a move necessitated by the pursuit of a financial holding license in China.
Reflecting on events from 2020, Ant Group had set ambitious objectives, targeting a valuation of $226 billion alongside a monumental $30 billion initial public offering (IPO) on both the Hong Kong and Shanghai stock exchanges.
Had this venture succeeded, it would have marked the largest IPO in history, surpassing records like the $29.4 billion raised during the Saudi Aramco IPO.
However, this ambitious IPO was ultimately thwarted by regulatory actions taken by the Chinese government.