Joseph Tsai, the co-founder of Alibaba, will replace Daniel Zhang as chairman of the company’s board of directors starting September 10, 2023.
Tsai, who is worth an estimated $7.8 billion, has openly expressed his passion for cryptocurrencies. This has seen him create his own venture capital firm, Blue Pool Capital, with an impressive 25 funding rounds, six of which were led by himself.
The venture capital firm is known for having invested in platforms such as The Sandbox and Animoca Brands. Tsai’s appointment has ignited rumors that the Chinese government might soon lift their ban on digital currency, as suggested by the “White Paper on Web3 Innovation and Development” (2023).
Adding to this, in May 2023, Alibaba Cloud and Avalanche announced their collaboration in order to set up a metaverse platform. Moreover, Alibaba Cloud has also launched a blockchain lab in Japan in order to develop Web3 games.