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China’s digital yuan os backup to AliPay and WeChat Pay, says official

Alibaba’s Alipay and Tencent’s WeChat Pay reportedly account for 98% of the mobile payment market in China. China’s central bank digital currency, or CBDC, will provide backup for major retail payment services like AliPay and WeChat Pay as its key objective, according to an official at the People’s Bank of China. Mu Changchun, head of the People’s Bank of China’s digital currency research institute, claimed that China’s digital yuan is needed to ensure financial stability in case “something happens” to AliPay or WeChat Pay, the South China Morning Post reports. Speaking at an online panel discussion on Thursday, Mu stated…

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Cardano’s real competition is not who you’d expect, says new Cardano Foundation CEO

Hint: It's not a blockchain company. Frederik Gregaard, the incoming CEO of the Cardano Foundation, shared his perspective on FinTech's competitive landscape and major technology trends with Cointelegraph. Discussing competition, Gregaard said that the protocol's biggest opponents do not come from within the blockchain space: “I think the biggest competitor, it's really the largest technology companies today around, the large tech platforms such as Google, Amazon, Tencent, Alibaba, those kind of players”. Gregaard believes that social media-based big technology providers have morphed from supplying their customers with meaningful tools to essentially owning and manipulating their users. He went so far as…

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The US is number one…in blockchain patents

But the company with the most patents isn’t even American. Despite Alibaba filing more patents, the United States still takes the lead as the country with the most blockchain copyrights, a Sept. 17 report from intellectual property consultancy KISSPatent. The U.S. has 2,112 patents, followed by the Cayman Islands with 350 filings and Canada with 118. The rest of the top six are Japan with 108, South Korea with 87 and China with 77 patents.  The Cayman Islands is second, as most of Alibaba’s blockchain applications are located on the island.  Although Chinese companies are often represented in various “top…

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Report: Blockchain Patents ‘Skyrocket’ in 2020, Alibaba Owns the Most Crypto Patents

A study from the team at Kisspatent shows that Alibaba Group is the largest blockchain patent holder in 2020 capturing 10x the number of patents held by IBM. The report notes that blockchain patents “are skyrocketing” this year and so far in 2020, there’s been more distributed ledger technology and cryptocurrency patents published than all of 2019. It seems distributed ledger technology and cryptocurrency solution patents are becoming a thing again in 2020. A few years ago various reports said that Bank of America (BoA) and the firm Nchain were gobbling up all the patents applied to digital assets and…

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Alibaba’s Payment Affiliate Ant Group Prepares for $30 Billion IPO 

Ant Group, the financial services subsidiary of Chinese multinational conglomerate Alibaba Group, is gearing up for the largest Initial Public Offering (IPO) in history. Speaking with finance news source Bloomberg earlier this week, company insiders have confirmed that the company plans to go public and is seeking a $226 billion valuation. The World’s Largest Public Offering  Bloomberg confirmed that Ant Group’s IPO could best that of Saudi Arabia’s state-owned oil company Saudi Aramco — which raised $29.4 billion in its public offering last year. The Chinese financial services company is looking to raise about $30 billion from this offering, in a…

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Jack Ma’s Ant Group files $30B IPO in Hong Kong and Shanghai

China’s Ant Group is prepping for the largest IPO in history. Ant Group, the financial affiliate of China’s e-commerce giant Alibaba, has filed an Initial Public Offering, or IPO, in Hong Kong and Shanghai.Managed by Alibaba co-founder Jack Ma, Ant Group is targeting a valuation of about $226 billion, based on a target IPO raise of nearly $30 billion, people familiar with the matter told Bloomberg on Aug. 25.As reported, the new IPO could become the largest deal in history, potentially overtaking the record set by Saudi Arabian multinational oil and gas giant, Saudi Aramco — which raised around $29.4B…

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Chinese CBDC to Curtail Alibaba and Tencent’s ePayment Dominance

China’s forthcoming Central Bank Digital Currency (CBDC) continues to make headlines almost every day. While many have started to speculate on how the asset will work and its technical details, a new report is postulating that the government could also use it to clamp down on the private sector. Creating a Level Playing Field for Banks The Financial Times reported that the Chinese government is looking to use its new asset to reduce the chokehold that the Alibaba Group and Tencent have on its digital payments sector. As the report explained, regulators and executives from the two firms have agreed that…

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China’s Digital Yuan to Reportedly Target Dominance of Alibaba and Tencent

China’s central bank may be planning to use its digital currency to curb the dominance of Alibaba and Tencent in the digital payments sector. The People’s Bank of China is purportedly planning to use its digital currency electronic system (DCEP) — another moniker for its central bank digital currency — to target the dominance of technology giants like Alibaba and Tencent in the digital payments sector.The report comes only a few days after claims of the central bank prompting a top antitrust agency to launch a probe against Alipay and WeChat Pay for using their dominance to suppress competition.According to…

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Tech’s Antitrust Issues Flare Up on Both Sides of the New ‘Cold War,’ Report

At the request of the People’s Bank of China, Beijing could soon probe its digital payments monopolies, sources claim. Days after the CEOs of the world’s top tech firms faced antitrust hearings in the United States Congress, sources are alleging that Beijing too could soon probe its own digital monopolies. A Reuters report published on July 31 cites anonymous sources who claim the People’s Bank of China has formally recommended that the State Council’s antitrust committee launch a probe into the activities of digital payments titans Alipay and WeChat Pay.The central bank has allegedly argued that both have used their ascendant…

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Alibaba Payments Arm Ant Group Launches AntChain Blockchain Solution

The Alibaba Payments Arm Ant Group, just launched a new blockchain-based solution AntChain for increased transparency and trust in all industrial processes as we are reading more in the upcoming blockchain news. The Alibaba payments arm today launched a new blockchain solution Antchain and according to reports published on South China Morning Post, Antchain is built on top of the group’s blockchain technology combining artificial intelligence, secure computation, Internet of things and other technologies too. As a part of the chain initiative, the group builds a new solution in size to a laptop and it also comes with a built-in…

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Alibaba Payments Subsidiary Launches AntChain Blockchain Solution

Alibaba’s payments arm Ant Group has launched a new blockchain solution, AntChain, for increased trust and transparency in industrial processes. The payments subsidiary of the Chinese e-commerce giant Alibaba, Ant Group, today launched a new blockchain solution dubbed AntChain. According to a report published on South China Morning Post, AntChain is built on top of Ant Group’s blockchain technology combining artificial intelligence, Internet of Things (IoT), secure computation and other technologies.As part of the AntChain initiative, the Ant Group has built a new workstation similar in size to a laptop. It comes with built-in software and hardware accelerator meant to smoothen…

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