The Ant Group, the fintech subdivision of Chinese tech conglomerate Alibaba, which includes payment processor Alipay, has launched a new AntChain brand. It will be used in the company's blockchain solutions.
In a conversation with The Block, a company representative said that the developed corporate DLT platform OpenChain will also be included here.
AntChain supports over 50 application scenarios, including logistics and cross-border payments. According to the company, the solution is capable of supporting a billion users and processing a billion transactions per day.
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Geoff Jiang, Vice President of Ant Group said that the launch of the AntChain brand will contribute to accelerating the transformation of the industry using blockchain.
The company also announced the launch of the AntChain Station service. It will reduce the time spent on launching blockchain solutions for corporate clients by 90%. Previously, such procedures took about ten hours, and now - one, the company said. It is also promised to speed up transactions by 30%.