Alibaba accepts Blockchain-based Remittance Service
Alibaba, the worldwide leader based in China, is heading towards accepting Blockchain based remittance service. The news is trending as the Founder of Alibaba and global influencer, Jack Ma, has repeatedly warned about his negative sentiment on virtual currencies.
Jack Ma has earlier said that according to him, Bitcoin is a potential bubble. The statement was declared on the launch of the Blockchain based money transfer service. The said service will be useful to remit cash between The Philippines and Hong Kong.
Jack Ma’s venture named Ant Financial has partnered with Philippine-based Globe Telecom to launch the new Remittance service. The facility will ease the cross-border remittances between the two places. Hong Kong is said to have a larger base of Filipino population who are mostly employed as housekeepers and workers.
The employed Filipino population send money to their nation regularly. The service will not only ensure secure transfer of money between Hong Kong and the Philippines but will also ensure ease of transactions for faster transfer.
Jack Ma reiterated that Blockchain technology is great and could change our world more than what people would imagine. But he also mentioned that he considers Bitcoin as a bubble.
Bitcoin and other cryptocurrencies are under rigid regulatory scrutiny due to the volatile nature of cryptocurrencies which are keeping market and investors away from the crypto market. Th crypto market is not mature enough to attract institutional investors who could possibly bring a large inflow of funds.
Ant Financial, on the other hand, is an affiliate of Alibaba Group. It is backed by top names in global investment and finance. Ant Financial is engaged in blockchain development. The initiative of blockchain based remittance service is the first time that the company has offered such a solution. The solution will definitely benefit many considering the developments in the blockchain industry and the features that blockchain offers to users.
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