Ant launches blockchain trade platform ahead of IPO next month

Ant, which is backed by e-commerce giant Alibaba Group Holding, plans to list in Hong Kong and on Shanghai next month

Ant Group, owner of China’s mobile payment app Alipay has launched a blockchain based platform for cross-border trade payments.

The new platform called 'Trusple' will allow banks of buyers and sellers who upload trading orders to process payments using Antchain, the company’s blockchain technology.

The trading orders uploaded will automatically create a smart contract with information such as such as order placements, logistics, and tax refund options, Ant said.

For example, users of the platform could include third party vendors via marketplaces such as AliExpress, Alibaba’s overseas e-commerce site.

It comes as Ant, which is backed by e-commerce giant Alibaba Group, plans to list in Hong Kong and on Shanghai’s STAR Market next month.

It looks to raise $35bn (£27bn, €30bn) in the dual initial public offering (IPO) which would make it the world’s largest IPO, beating Saudi Aramco’s $29.4bn float in December last year.

The company was previously known as Ant Financial until this year when it changed its name to imply it is a technology firm rather than a financial technology provider. 

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