Alibaba Group, a Chinese technology company specializing in e-commerce, has announced that Joseph Tsai will succeed Daniel Zhang as the company’s new chairman.
The Taiwanese-Canadian billionaire businessman is known as an advocate for the cryptocurrency industry and has been involved in several digital asset projects to his name. A recent source revealed that Blue Pool Capital, the organization that manages Tsai’s personal wealth, has participated in two funding rounds for once-popular cryptocurrency exchange FTX.
top change
Tsai, who is currently Executive Vice-President, step in He assumed a new position on September 10, 2019, succeeding Daniel Zhang. Meanwhile, Eddie Yongming Wu will become Alibaba Group’s chief executive officer and join the board of directors to replace Zhang.
The latter added that he continues to lead Alibaba Cloud Intelligence Group and looks forward to working with incoming executives. He also vowed to make cloud computing and artificial intelligence more accessible to “companies of all sizes and industries that continue to digitally transform.”
Tsai highlighted Wu’s previous accomplishments as chief technology officer of Taobao and Alipay, claiming that he “contributed to building our technology platform and guiding our strategic direction.” He raised hopes that Alibaba could continue to grow by focusing on technology and innovation under the new leadership.
“While our current transformation has introduced a new corporate organization and governance structure, Alibaba’s mission remains the same. We will provide our customers with a unique value proposition backed by cutting-edge technology,” said Wu.
Ms. Tsai’s stance on cryptocurrency promotion
With an estimated net worth of nearly $8 billion, the Taiwanese-Canadian businessman has had a positive vision for the digital asset sector for years. Some of his first comments came at the end of 2021 when he simply announced. tweeted: “I like cryptocurrencies.”
After the February 2022 launch of Blue Pool Capital (where Tsai employs as his family office), his name has become associated with the industry again. I participated In Polgyon’s $450 million funding round. The company also lead A fundraiser for Artifact Labs in March this year.
However, not all investments in this area have been successful.south china morning post clearly Earlier this year, it was revealed that Blue Pool Capital had acquired an equity position in FTX in two funding rounds.
Remember, the exchange filed for bankruptcy in November 2022, making it one of the biggest bankruptcies in cryptocurrency history.
Binance Free $100 (Special): Get $100 Free in your first month of Binance Futures and 10% off fees when you register using this link. (Clause).
PrimeXBT Special Offer: Register using this link and enter the CRYPTOPOTATO50 code to receive up to $7,000 on your deposit.