BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Ant Group Announces Plans to Pull Out of $100 Million Crypto Venture A&T Capital

BlockNews Team by BlockNews Team
September 20, 2023
in Business, Crypto, Finance
Ant Group Logo
Share on TwitterShare on Reddit
  • Ant Group is withdrawing a $100 million investment in A&T Capital’s blockchain fund due to an investigation into the fund’s founders. 
  • A&T Capital’s future remains uncertain as crypto venture capital funding falls in favor of AI, reflecting Ant Group’s shifting ambitions.
  • Ant Group’s interest in blockchain may decline because of the dominance of renminbi-based fintech services and China’s concentration on digital currency.

In a recent development, Ant Group, a Chinese financial technology company, apparently opted to sell its $100 million investment in A&T Capital, signifying a withdrawal from the risky cryptocurrency market.

These reports come just a few months after A&T founding partner Yu Jun resigned after being probed for workplace misbehavior while working as an executive at A&T Capital.

Ant Group to Leave A&T Capital

A&T Capital was founded in 2021 and has since become a prominent player in the cryptocurrency market, investing in companies such as digital asset lender Matrixport and Ethereum software company ConsenSys.

Ant Group, founded by Alibaba owner and Chinese magnate Jack Ma, is reportedly withdrawing from the $100 million fund at a time when the crypto venture capital market is facing a steep decline. According to data, crypto startup funding fell to its lowest level since 2020 in the second quarter.

These recent reports cast doubt on A&T Capital’s future, as it is unclear whether it will require a new investor or be able to continue operations. According to rumors, A&T Capital’s website has a timed-out issue as of September 18, adding to the confusion.

The Ant Group move comes just six months after Yu Jun resigned from A&T Capital. Yu Jun was a key figure in establishing A&T, even significantly contributing to the network’s efforts to grow offshore. The crypto KOL and former OKX executive resigned from A&T Capital after sexual assault charges were made against him.

According to sources, both government watchdogs and A&T Capital’s team have been investigating the ex-executive for alleged sexual misconduct, primarily at A&T Capital, since 2022.

Ant’s Latest Developments: The AI Race

The emerging reports are just the latest in Ant Group’s recent developments, as the company wants to make significant advancements in financial AI while appearing to take a step back in crypto.

On September 8, Chinese financial behemoth Ant Group launched a finance-specific AI model and began testing for consumer and professional applications. 

This was Ant Group’s entry into the competitive AI realm, with over 130 other Chinese companies launching comparable ideas.

According to reports, cryptocurrency investment has suddenly dried up despite venture capitalists continuing to flock to artificial intelligence since 2020. As a result, AI investment has significantly grown over the same period.

Tags: A&T CapitalAnt Group
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Coinbase Gains Market Share as Binance Faces US Legal Hurdles
Business

Coinbase Gains Market Share as Binance Faces US Legal Hurdles

December 3, 2023
Swan Bitcoin CEO Sees Bitcoin ETFs Quieting Down Crypto Marketing Noise
Breaking News

Swan Bitcoin CEO Sees Bitcoin ETFs Quieting Down Crypto Marketing Noise

December 3, 2023
Ethereum Developer Encounters Apathy from Alma Mater on Crypto Collaboration
Crypto

Ethereum Developer Encounters Apathy from Alma Mater on Crypto Collaboration

December 3, 2023
Bitcoin and Ethereum Hit New Yearly Highs and Here is Why
Breaking News

Bitcoin and Ethereum Hit New Yearly Highs and Here is Why

December 2, 2023
Around the Block
Breaking News

Around The Block: December 01 Week in News

December 2, 2023
Judge Warns of Sanctions Against SEC for Misleading Crypto Asset Claims
Breaking News

Judge Warns of Sanctions Against SEC for Misleading Crypto Asset Claims

December 2, 2023
Load More
Next Post
Bastion

Bastion, Web3 Orchestrator, Has Raised $25M in Seed Funding

CitiBank Logo on buidling

Citigroup Launches a Tokenized Service Platform for Institutional Clients

Celsius

Ex-Algorand Boss Steve Kokinos Tapped as CEO for Firm Buying Celsius

Related News

Elon Musk Reveals Long Awaited Cybertruck Prices

Elon Musk Reveals Long Awaited Cybertruck Prices

November 30, 2023
Eth-Logo-Down

Coinbase Loses Market Share in Ether Staking as Regulatory Pressure Mounts

June 27, 2023
ethereum

Vitalik Buterin Wallet Sends 500 Ether to Mint RAI, Buys USDC in Depegging

March 16, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Coinbase Gains Market Share as Binance Faces US Legal Hurdles December 3, 2023
  • Swan Bitcoin CEO Sees Bitcoin ETFs Quieting Down Crypto Marketing Noise December 3, 2023
  • Ethereum Developer Encounters Apathy from Alma Mater on Crypto Collaboration December 3, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.