Alibaba Onboards Crypto-Friendly Chair: Details
- Joe Tsai will replace the current Alibaba Chair, Daniel Zhang, who confirmed his resignation on June 20.
- Daniel Zhang’s resignation as chair and CEO of the company will be effective on September 10.
- Zhang will remain the chair and CEO of Alibaba Cloud Intelligence Group.
- Tsai has been involved in investments in crypto firms via Blue Pool Capital, a Hong Kong-based firm.
Popular Chinese multinational technology company Alibaba will soon welcome Joe Tsai, the soon-to-be former executive vice chair, as its Chair. Tsai will replace the current company chair, Daniel Zhang, who is also the CEO of the company. In a statement, Zhang confirmed that he will be resigning as Chair and CEO on September 10.
According to the official statement from Zhang on June 20, Zhang will remain the chair and CEO of Alibaba Cloud Intelligence Group, a global leader in cloud computing and artificial intelligence. It is crucial to note that the incoming Chair, Tsai, has been involved in investments in major crypto firms via Hong Kong-based investment management firm Blue Pool Capital.
Some of the companies that Tsai is associated with include bankrupt crypto exchange FTX, the $450 million funding round of Ethereum scaling solution Polygon (MATIC) in February, and Web3 firm Artifact Labs. In a December 2021 Twitter post, Tsai confirmed that he ‘liked’ crypto.
“I look forward to working with Eddie to spark our next phase of growth through technology and innovation,” said Tsai.
Furthermore, Eddie Yongming Wu, chair of Taobao and Tmall Group, will replace Zhang as Alibaba CEO and also replace him on the company’s board of directors. With a market capitalization of $225 billion at the time of writing, Alibaba is one of the largest corporations around the globe.
When it comes to the adoption of cryptocurrencies, the Chinese authorities have shown mixed feelings. However, China is one of the very first nations to implement the concept of a central bank digital currency, and recently the Bank of China entered into a partnership with French international banking group BNP Paribas.
The Chinese clients of the French bank will be able to generate and maintain a connection system with the Bank of China and can link their digital yuan to their bank accounts, track transactions, and make payments using an e-CNY management system.