Ant Group (the $200B Alibaba fintech giant behind Alipay’s 1.4 billion users and $21.3 trillion in annual transactions) launched Jovay Network, a high-performance Ethereum Layer 2 solution. [NEWS]
The goal? to reposition the company as a global, regulation-aligned fintech and blockchain infrastructure provider.
Backdrop: Ant’s IPO was derailed by China’s crackdown on fintech risk and Jack Ma’s criticism of regulators. It was forced to restructure into a financial holding company from a high-margin consumer lending model.
