Chinese Giant Ant Group Makes $8 Billion Move in Cryptocurrency Sector

Interest in the cryptocurrency market continues to grow in China, which is known for its bans on Bitcoin (BTC) and cryptocurrencies.

The latest move at this point came from Ant Digital, a subsidiary of China’s electronic payments company Ant Group.

According to Bloomberg, Ant Digital, founded by world-renowned businessman Jack Ma, is moving energy assets worth approximately $8.4 billion to the blockchain.

Accordingly, the news reported that Ant Digital has connected energy infrastructure assets worth 60 billion yuan (approximately $8.4 billion) to its own blockchain ‘AntChain’.

The company added that it will also issue tokens to enable trading of energy assets and is also considering listing on overseas decentralized exchanges.

Accordingly, the company will tokenize its energy assets and raise investment by selling them on decentralized exchanges outside of China.

The initiative involves connecting operational data from more than 15 million pieces of renewable energy equipment, including wind turbines and solar panels, to its own blockchain, the AntChain blockchain.

The company’s three renewable energy projects have already raised 300 million yuan ($42.1 million) through tokenization. The next step will be to issue tokens tied to these assets.

Earlier last year, Ant Digital partnered with Longshine Tech and GCL Energy Technology to tokenize EV charging stations and solar assets.

*This is not investment advice.