Alibaba co-founder Joseph Tsai will replace Daniel Zhang as chairman of the company’s board of directors.
The changes will come into effect on September 10, 2023.
Prior to his appointment, Cai was Zhang’s deputy.
The entrepreneur, who is worth an estimated $7.8 billion, is known as a proponent of digital assets. In 2021, he confessed his “love for cryptocurrencies.”
I like Crypto
— Joe Tsai (@joetsai1999) December 28, 2021
In January 2023, court filings by FTX showed that Tsai-created venture capital firm Blue Pool Capital backed the platform that filed for bankruptcy.
According to Crunchbase, the company has participated in 25 funding rounds, including six — as the main investor. Blue Pool Capital pulled out of six projects, including Animoca Brands.
In July 2021, Tsai’s firm was among the participants in the $50 million NFT game developer investment round. Previously, Blue Pool Capital supported The Sandbox project.
According to The Block, the news of Tsai’s appointment has sparked speculation that China might lift restrictions on cryptocurrencies.
These assumptions are reinforced by the recent publication by the authorities of the “White Paper on Web3 Innovation and Development” (2023). The document called the technology “an inevitable trend for the future development of the Internet industry.”
Recall that in May 2023, the Avalanche team agreed to cooperate with Alibaba Cloud in order to create a platform for the deployment of metaverses.
Earlier, the cloud service provider announced the launch of a “blockchain lab” in Japan to create Web3 games.
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