Deals
Jack Ma Embraces Blockchain for Ant But Warns of Bitcoin Bubble
- The Alibaba chairman remains an advocate of blockchain tech
- Ant Financial starts a blockchain-based remittance service
This article is for subscribers only.
Billionaire Jack Ma has declared Bitcoin a potential bubble, reiterating his caution over the volatile crypto-currency as his Ant Financial on Monday launched blockchain-based money transfers between Hong Kong and the Philippines.
The founder and chairman of Alibaba Group Holding Ltd. extolled the possibilities of the decentralized ledger on which Bitcoin is based but warned that the digital currency itself may be driven by torrid speculation. Ma made his comments after officially launching a blockchain-based remittance service with Standard Chartered Plc and GCash, Ant’s venture with the Philippines’ Globe Telecom Inc.