Ant launches blockchain-based cross-border trade platform ahead of $35 billion IPO

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By Yingzhi Yang and Brenda Goh
SHANGHAI (Reuters) – Ant Group, owner of China’s ubiquitous mobile payment app Alipay, launched a blockchain-powered platform for cross-border trade settlements on Friday, as it races to launch more technology products ahead of its blockbuster IPO.
The 16-year-old giant, backed by e-commerce conglomerate Alibaba Group Holding Ltd <BABA.N> <9988.HK>, plans to list simultaneously in Hong Kong and on Shanghai’s tech-heavy STAR Market next month, in what could be the world’s largest initial public offering (IPO) – surpassing oil giant Saudi Aramco’s <2222.SE> $29.4 billion float last December.
Ant is seeking to raise about $35 billion in the dual IPO after assessing early investor interest and based on a higher valuation of about $250 billion or more, Reuters has reported.
Ant was previously known as Ant Financial but changed …

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