Ant Group, the parent company of Alipay, the world's largest mobile payment platform, has introduced its new sub-brand, ZAN. This brand will primarily focus on delivering blockchain development services to both institutions and individual developers involved in Web3 technologies.
In an official press release issued on September 8, ZAN was described as offering a wide array of technology products and services. It will begin by providing solutions for Web3 companies to issue and manage real-world assets (RWAs) while adhering to local regulatory requirements . Furthermore, ZAN will encompass various technology products, including electronic know-your-customer (KYC) procedures, anti-money laundering protocols, and know-your-transaction checks tailored for the Web3 environment.
ZAN also intends to offer services such as smart contract review and node services, including remote procedure calls designed to facilitate the development of decentralized applications (DApps). During the Hong Kong Web3 Festival in April, the HashKey DID decentralized identity data aggregator its announce of ZAN's electronic KYC solution. HashKey Group, one of ZAN's initial partners, participated in the brand's launch ceremony.
In July, Bloomberg reported that Ant Group was considering separating its blockchain division from its core business entity, with plans to apply for a financial holding license in China. In 2020, Ant Group had set a valuation target of $226 billion and planned a $30 billion initial public offering (IPO) in Hong Kong and Shanghai, which, if successful, would have been the largest IPO in history, surpassing Saudi Aramco's $29.4 billion offering. However, the Chinese government intervened and halted Ant Group's IPO plans.
