Is China Warming Up Against Crypto? Crypto-Friendly Name Appointed as President of Chinese Giant Company!

China-based giant company Ali Dad, in a statement today, one of the founders by Joseph Tsai He announced that he will assume the position of Chairman of the Board of Directors from September.

China-based Company Coming to Alibaba, Crypto Friendly President

This leadership change, where the company appointed Eddie Yongming Wu as its new CEO, came as it reorganized itself into multiple units, separating its technology services from its retail divisions.

The fact that such a large institution has someone who has previously declared a love for crypto in China may be a sign that Alibaba may position itself to embrace the new Web3 and crypto reality in China when that day comes.

I like crypto

— Joe Tsai (@joetsai1999) December 28, 2021

Tsai first announced his interest in the Web3 space by tweeting “I love Crypto” in December 2021.

At the time, Tsai did not elaborate on what he meant, but over the following year he became an active investor in the space.

Blue Pool Capital, which Tsai uses as his family office, was a minority shareholder in FTX and participated in two fundraising rounds, the South China Morning Post reported in January 2023. This was unknown at the time and only appeared in court documents.

But Tsai has also been involved in more well-known investments such as Polygon’s February 2022 tour, Web3 fantasy sports platform Fast Break Labs fundraiser, and NFT platform Artifact Labs May 2023 tour (which was a subsidiary of the South China Morning Post, where he served as chairman). .

Tsai is also the owner of the Brooklyn Nets, which has seen two of its key players Kevin Durant and Spencer Dinwiddie get involved in crypto; While Durant signed a two-year deal with Dapper Labs alongside a deal to promote Coinbase (COIN) in 2021, Dinwiddie said he tokenized his business contract.

*Not investment advice.