Founded by Alibaba owner and Chinese businessman Jack Ma, Ant Group is allegedly retreating from the $100 million fund when the crypto venture funding landscape is experiencing a sharp downturn. Data indicates that crypto startup funding slid to its lowest since 2020 in the second quarter.
In a recent turn of events, Ant Group, a Chinese financial technology giant, reportedly decided to divest its $100 million investment in A&T Capital, signaling a retreat from the volatile crypto sector.
Ant Group’s move comes only about six months after Yu Jun’s resignation from A&T Capital. Yu Jun was a crucial player in establishing A&T, even contributing vastly to the network’s efforts to expand offshore. The crypto KOL and former exec at OKX resigned from A&T Capital after allegations were lodged against him about sexual misconduct.
On Sept. 8, the Chinese fintech giant Ant Group unveiled a finance-specific AI model and initiated testing for consumer and professional applications for the product. This was At Group’s move into the competitive AI world, with more than 130 other companies in China introducing similar models.
A&T Capital was founded in 2021 and has since been a top player in crypto markets, investing in startups such as digital asset lender Matrixport and Ethereum software maker ConsenSys.
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