Chinese Ant Group ends support for cryptocurrency venture capital company A&T Capital

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Ant Group, the parent company of the world's largest mobile payment platform Alipay, intends to withdraw its investment of more than $100 million from the fund of crypto company A&T Capital.

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The Chinese fintech giant carried out financialsupport for A&T Capital, as it specializes in investing in offshore crypto projects. The decision to withdraw funds from the fund was made by Ant Group amid a scandal provoked by an internal investigation into the activities of A&T Capital founding partner Yu Jun and his resignation.

It remains unclear whether A&T Capital will continueoperate as an independent investment company or will be forced to seek new investors to support its activities. Previously, A&T Capital invested in crypto lending company Matrixport and Ethereum software developer ConsenSys.

There have been no official statements from Ant Group, Yu Jun or representatives of A&T Capital regarding what is happening.

A year earlier, Ant Group, Baidu, JD.com and Alibaba Group spoke
for mandatory user authentication when trading NFTs and supported a “self-discipline initiative” to combat illegal transactions in the field of non-fungible tokens.

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