Ant Group, the owner of mobile payment platform Alipay, has unveiled its new sub-brand under the name ZAN. The brand will concentrate on blockchain development and Web3 services for institutional and individual developers.
The official press release on September 8 lists various technical products and services that ZAN will provide its clients. It begins with a solution to help Web3 companies issue and manage real-world assets (RWAs) in compliance with local regulatory requirements.
It also includes several technical products, such as Know Your Customer (KYC), Anti-Money Laundering, and Know Your Transaction (KYT) inspections for Web3.
In addition, ZAN will offer smart contract evaluations and node services, including remote procedure calls for the development of decentralized applications (DApps).
HashKey DID, a Web3 decentralized identity data aggregator, announced its implementation of ZAN electronic KYC at the Hong Kong Web3 Festival in April. As one of ZAN’s founding collaborators, HashKey Group participated in the brand’s launch ceremony.
Bloomberg reported in July that Ant Group intends to separate its blockchain division from its parent company, which will seek a financial holding license in China.
Ant Group intended for a valuation of $226 billion in 2020 with an initial public offering (IPO) of $30 billion in Hong Kong and Shanghai. If successful, the IPO would have been the largest ever, surpassing the $29.4 billion raised by Saudi Aramco in its IPO. However, the Chinese government blocked the IPO.
