Tech giant Alibaba announces crypto-friendly chair following Daniel Zhang stepping down

Joe Tsai, the soon-to-be erstwhile enforcement vice seat of China-based exertion elephantine Alibaba, volition regenerate Daniel Zhang arsenic institution chair.

In a June 20 announcement, Alibaba said Zhang would beryllium stepping down arsenic seat of the institution and main enforcement serviceman effectual arsenic of Sept. 10, whereupon helium volition proceed to service arsenic the seat and CEO of Alibaba Cloud Intelligence Group. Tsai, done wealthiness manager Blue Pool Capital, has been down investments successful respective crypto firms including FTX, Polygon’s $450-million backing round successful February, and Web3 steadfast Artifact Labs.

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Eddie Yongming Wu, seat of Taobao and Tmall Group, volition travel Zhang arsenic Alibaba CEO arsenic good arsenic regenerate him connected the company’s committee of directors. Alibaba is 1 of the largest companies successful the world, with a marketplace capitalization of much than $225 cardinal astatine the clip of publication, pursuing Tencent, Kweichow Moutai, and ICBC among China-based firms.

“I look guardant to moving with Eddie to spark our adjacent signifier of maturation done exertion and innovation," said Tsai.

Related: Tech elephantine Alibaba to rotation retired ChatGPT rival AI

China has had a mixed narration with crypto and blockchain. The state was infamous for cracking down connected mining firms successful 2021 prompting an exodus of companies to different jurisdictions, but besides has been pushing trials of a integer yuan done the People's Bank of China.

Nonfungible tokens (NFTs), however, look to run successful a regulatory grey country for China. Alibaba started an NFT marketplace copyright trading successful 2021 arsenic good arsenic an NFT solution nether its unreality concern portion — the second was deleted without explanation soon pursuing its launch.

Magazine: China’s question of ChatGPT rivals, Alibaba goes multichain: Asia Express