Jack Ma Debuts Blockchain Remittance Service But Hits On Bitcoin

Jun 27, 2018 at 16:38

Even as he warned about a potential Bitcoin bubble, Alibaba founder and chairman Jack Ma has debuted a blockchain-based cross-digital wallet remittance service made first available in Hong Kong and the Philippines.

Ma’s Ant Financial has tapped AlipayHK and GCash—the mobile banking service of telco giant Globe Telecom Inc., the two licensed mobile wallet service providers in Hong Kong and in the Philippines, respectively, Bloomberg reported.

Meanwhile, Standard Chartered was appointed as core partner bank for real-time transaction settlement between AlipayHK and GCash.

During the launch of the new remittance service, the billionaire assailed Bitcoin saying the legacy cryptocurrency is driven by intense speculation.

“Blockchain technology could change our world more than people imagine,” Ma said. “Bitcoin however could be a bubble.”

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Last Sunday, Bitcoin dropped briefly below the $6,000-mark at $5,826.41 according to CoinMarketCap, a level last seen since October 2017 making it the lowest level for 2018.

In its report, Bloomberg said the steep decline was due to increased scrutiny by regulators and concerns on its viability.

This is not the first time Ma slammed Bitcoin. Last May, Ma expressed his support for the blockchain, noting that the technology’s potential could be realized if implemented properly but stressed that Bitcoin is a bubble.