Ant launches blockchain-based cross-border trade platform ahead of $35 billion IPO

Platform News: Ant Financial

Ant Group, owner of China’s leading mobile payment app Alipay, launched a blockchain-powered platform for cross-border commerce settlements on Friday, as it races to start more tech goods ahead of its own blockbuster IPO.

Ant is trying to raise about $35 billion at the dual IPO after assessing early investor interest and based on a higher valuation of about $250 billion or more, journalists at our partner news agency Reuters have reported.

Ant was formerly called Ant Financial but changed its name this year to rebrand itself more as a technology firm rather than a supplier of financial engineering due to tighter financial regulations.

Its brand new platform “Trusple”, a contraction of “trust made simple”, relies on the company’s blockchain tech Antchain.

Buyers and sellers can upload trading orders to the platform, which automatically generates a wise contract with information such as logistics. The banks of both sellers and buyers can then process payments utilising Antchain, Ant said.

Users of the platform could, by way of instance, include vendors that promote other businesses via marketplaces such as AliExpress, Alibaba’s overseas e-commerce site.

Ant has submitted the most blockchain patent applications globally over the last two years, based on patent database IncoPat.

Related article:
Banks beware, outsiders are cracking the code for finance

The technology, a digital ledger that forms the backbone of many crypto-currencies such as bitcoin, has seen a burst of attention in China since late 2019 when President Xi Jinping said the nation has to accelerate its growth.

The team at Platform Executive hope you have enjoyed the ‘Ant launches blockchain-based cross-border trade platform ahead of $35 billion IPO‘ article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Yingzhi Yang and Brenda Goh. Additional reporting by Cheng Leng. Editing by Christopher Cushing.

To stay on top of the latest developments across the platform economy and gain access to our problem-solving tools, databases and comprehensive content sets, you can become a member for just $7 per month.

 

Share this Article