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Tech giant Alibaba announces crypto-friendly chairmanship following Daniel Zhang's resignation

Published on

June 20, 2023
Read Time:1 Minute, 30 Second

Joe Tsai, the longer term former govt vice chairman of China-based tech big Alibaba, will substitute Daniel Zhang as the corporate's chief govt.

In a June 20 announcement, Alibaba stated called Zhang would step down as the corporate's chairman and CEO efficient September 10, after which he'll proceed to function chairman and CEO of the Alibaba Cloud Intelligence Group. Tsai has been behind investments in a number of crypto corporations, together with FTX, Polygon's $450 million funding spherical in February, and Web3 firm Artifact Labs, via asset supervisor Blue Pool Capital.

I like crypto

— Joe Tsai (@joetsai1999) December 28, 2021

Eddie Yongming Wu, chairman of Taobao and Tmall Group, will succeed Zhang as CEO of Alibaba, changing him on the corporate's board. Alibaba is without doubt one of the largest corporations on the earth with a market cap of greater than $225 billion on the time of publication, adopted by Tencent, Kweichow Moutai and ICBC amongst China-based corporations.

"I look ahead to working with Eddie to usher in our subsequent part of development via expertise and innovation," stated Tsai.

Associated: Tech big Alibaba introduces AI of ChatGPT competitor

China has a blended relationship with crypto and blockchain. The nation has been infamous for cracking down on mining corporations in 2021, prompting company exodus to different jurisdictions, nevertheless it has additionally spurred makes an attempt at a digital yuan by the Individuals's Financial institution of China.

Nevertheless, non-fungible tokens (NFTs) seem like in a regulatory grey space in China. Alibaba launched an NFT market for copyright buying and selling in 2021, in addition to an NFT resolution as a part of its cloud enterprise unit - the latter was deleted shortly after its launch with out rationalization.

Journal: China's wave of ChatGPT rivals, Alibaba turns into Multichain: Asia Specific



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : June 20, 2023
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