Fintech giant Ant Group ditches crypto for AI
Chinese fintech giant Ant Group is reportedly pulling out of the crypto market by selling its $100 million stake in A&T Capital, amid market turbulence and increasing focus on AI. A&T Capital was founded in April 2021 and has invested in various crypto firms including Matrixport and ConsenSys. The firm hit a significant snag several months ago when its founding partner Yu Jun resigned amid an investigation into his workplace conduct. With the departure of its major investor, Ant Group, it’s unclear whether A&T Capital will shut down or look for new funding. The move comes amid waning venture capital in crypto . VC funding hit a record low for crypto in June when it dropped by 23% from May, to just $520 million raised in 84 funding rounds, Bloomberg reports. Was FTX funded by Chinese capital flight? Read more: Opinion: Silicon Valley Bank and the hypocrisy of venture capitalists Meanwhile, Ant Group has decidedly shifted its attention to AI. It entered Chi...