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<\/div>\nAnt Group, founded by Chinese billionaire Jack Ma, is changing its business alignment by venturing into the blockchain<\/a> space amid ongoing regulatory<\/a> pressure that has impacted its financial services.<\/p>\n In particular, the company has launched a blockchain storage engine as part of the ongoing restructuring process, intending to shift to hard tech space, the South China Morning Post <\/em>reported<\/a> on November 4.\u00a0<\/p>\n Under the new product line, Ant Group Digital Technologies released Letus, or Log-structured Efficient Trusted Universal Storage, to lower the storage costs for blockchain systems.\u00a0<\/p>\n \u201cLetus can improve storage throughput by 15 times, reduce latency by 90 per cent, and save disk bandwidth and space usage by 95 per cent and 60 per cent [respectively],\u201d said Yan Ying, technical director of AntChain.<\/p>\n<\/blockquote>\n The latest products added to other blockchain services released by the company, including\u00a0<\/p>\n AntChain Station, a workstation, Blockchain Transmission Network, a long-distance blockchain communications system. The company has also unveiled updated versions of different \u201cplatform-as-a-service.\u201d<\/p>\n Overall, Geoff Jiang, Ant Group\u2019s Digital Technology Business Group president, reiterated that the company is focused on venturing more into the technology<\/a> space to improve industrial collaboration to serve the economy.\u00a0<\/p>\n Notably, Ant Group, which also manages China\u2019s giant mobile payment app AliPay, failed to share more information on its operation\u2019s financial services.\u00a0<\/p>\n At the same time, Anti Group was stopped from launching its IPO in 2020. The IPO was halted amid increased regulatory pressure from the government following a crackdown on dominance by private tech companies.\u00a0<\/p>\n The company became a financial holding firm subject to China\u2019s central bank\u2019s oversight following an antitrust case.\u00a0<\/p>\n Consequently, the company, also linked to e-commerce giant Alibaba (NYSE: BABA<\/a>), is undergoing a state-directed restructuring process, but no development exists on a possible listing date.<\/p>\n Ant Group\u2019s financial services have been impacted by regulatory change, having been forced to operate under laws governing the traditional banking sector<\/a>.\u00a0<\/p>\n \u00a0\n<\/p><\/div>\n\n
Future focus on blockchain\u00a0<\/h2>\n