Tech giant Alibaba has announced the appointment of a crypto-friendly chair following the departure of Daniel Zhang. Joe Tsai, the current executive vice chair, will take over as the company’s chair.
Tsai has shown support for various cryptocurrency projects through his wealth manager, Blue Pool Capital. He has made investments in crypto firms such as FTX, Polygon, and Artifact Labs.
Tsai’s appointment comes as Zhang steps down as chair and CEO of Alibaba, with plans to continue serving as the chair and CEO of Alibaba Cloud Intelligence Group.
Replacing Zhang as Alibaba CEO and joining the company’s board of directors will be Eddie Yongming Wu, the chair of Taobao and Tmall Group.
Alibaba is one of the world’s largest companies, with a market capitalization of over $225 billion. Tsai expressed excitement about working with Wu to drive the company’s growth through technology and innovation.
China’s stance on cryptocurrencies and blockchain technology has been a mix of regulations and trials. In 2021, the country cracked down on mining firms, leading to many companies relocating to other jurisdictions.
However, China has also been actively exploring the implementation of a digital yuan through the People’s Bank of China.
The regulation of nonfungible tokens (NFTs) in China remains uncertain. Alibaba ventured into the NFT space by launching an NFT marketplace for copyright trading in 2021. However, the company’s NFT solution under its cloud business unit was mysteriously removed shortly after its launch.
With Tsai’s appointment as chair, there are expectations that Alibaba may further explore and embrace cryptocurrencies and blockchain technology.
Tsai’s previous investments in crypto firms indicate his positive sentiment toward the industry. As China continues to navigate the regulatory landscape for cryptocurrencies and blockchain, Alibaba’s position and future involvement in this space will be closely watched.
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