Ant Group Launches Blockchain-Powered Cross-border Trade Settlement Platform ‘Trusple'

Known for submitting the most number of blockchain patent applications globally, Ant’s “Trusple” is based on the company's blockchain technology Antchain.

Ant Group, owner of mobile payment app Alipay, launched a blockchain-powered platform for cross-border trade settlements this week. The move came ahead of its IPO, which it plans to list in Hong Kong and on Shanghai's STAR Market next month simultaneously.

The 16-year old giant, which is backed by e-commerce conglomerate Alibaba Group, is seeking to raise about $35 billion in the dual IPO to become the world's largest IPO by surpassing oil giant Saudi Aramco’s billion last December.

Previously known as Ant Financial, Ant was rebranded this year as a tech firm due to tighter financial regulations.

Ant is known for submitting the most number of blockchain patent applications globally, over the past two years. The technology saw a surge in interest after President Xi Jinping said last year that the country should accelerate its development.

Its new platform, “Trusple,” is based on Antchain, the company's blockchain technology.

On this platform, buyers and sellers upload their orders, which automatically generate smart contracts with information like logistics. The banks then process payments using Antchain.

The users of the platform could also include vendors that sell to other businesses through marketplaces like Alibaba’s overseas e-commerce site, AliExpress.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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