Joe Tsai, who will soon be executive vice president of Chinese technology giant Alibaba, will replace Daniel Zhang as the company’s president.
On June 20, Alibaba advertisement Zhang would step down as company chairman and CEO effective September 10, after which he will continue as chairman and CEO of Alibaba Cloud Intelligence Group. Tsai, through wealth manager Blue Pool Capital, has been behind investments in several cryptocurrency companies, including FTX, Polygon’s $450 million funding round in February, and Web3 Artifact Labs.
I like crypto
— Joe Tsai (@joetsai1999) December 28, 2021
Eddie Yongming Wu, chairman of Taobao and Tmall Group, will succeed Zhang as CEO of Alibaba, in addition to replacing him on the company’s board of directors. Alibaba is one of the world’s largest companies, with a market capitalization of more than $225 billion at press time, trailing Tencent, Kweichow Moutai and ICBC among China-based companies.
“I’m looking forward to working with Eddie to fuel our next phase of growth through technology and innovation,” Tsai declared.
China has had an uneven relationship with cryptocurrencies and blockchain. The country was infamous for cracking down on mining companies in 2021, prompting an exodus of companies to other jurisdictions, but it has also been pushing trials of a digital yuan through the People’s Bank of China.
Non-fungible tokens (NFTs), however, seem to operate in a regulatory gray area for China. Alibaba launched an NFT marketplace for copyright trading in 2021, as well as an NFT solution under its cloud business unit, which was removed without explanation shortly after launch.
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