Bitcoin
$62,745.93-3.71%
Ethereum
$3,050.60-2.95%
Binance Coin
$545.05-4.52%
Solana
$133.85-10.32%
XRP
$0.48800182-2.69%
Dogecoin
$0.15408455-3.77%
Toncoin
$6.38-10.95%
Cardano
$0.45719851-2.12%
Avalanche
$34.60-4.72%
Shiba Inu
$0.00002134-5.11%
Tron
$0.11030519-3.01%
Wrapped Bitcoin
$61,456.44-6.27%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
04
DAYS
14
HR
26
MIN
52
SEC
Markets

Alibaba Affiliate Taps Blockchain for Charity Payments

Alibaba affiliate Ant Financial has created a private blockchain that seeks to help make charities more transparent and accountable.

By Pete Rizzo
AccessTimeIconAug 1, 2016 at 6:32 p.m. UTC
Updated Sep 11, 2021 at 12:24 p.m. UTC
alibaba, china

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Alibaba affiliate Ant Financial has created a private, proof-of-stake blockchain that seeks to help make charities more transparent and accountable.

The news comes just months after Ant Financial closed a $4.5bn private fundraising round at a $60bn valuation. Ant Financial was spun out of China-based e-commerce giant Alibaba prior to its 2014 IPO, though both are overseen by executive chairman Jack Ma.

The trial is envisioned as one that could come to record donations made by Alipay users to charities through its “Ant Love” platform, Bloomberg reports, a move that may ultimately allow users to gain greater insight into how funds are handled by charities.

Ant Financial CTO Cheng Li told Bloomberg:

“We hope to bring more transparency to charity and blockchain technology’s decentralized nature fits that purpose well. It means that all the information and transaction history of funds will be more reliable and can’t be easily tampered with.”

According to the report, Ant Financial is currently the only firm with access to the blockchain, though it could open up access to third-party charities as the project matures.

Image credit: Fotos593 / Shutterstock.com

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.