Alibaba launched a money transfer service on the blockchain

Right now the service will be available only to residents of Hong Kong and the Philippines. The subsidiary company Alibaba Group Ant Financial has launched a money transfer service using blockchain technology, Bloomberg reports with reference to the founder of the corporation, Jack Ma. The project involved companies Gcash and Globe Telecom Inc. Money transfers will pass through one of the largest banks in Hong Kong – Standard Chartered.

According to Jack Ma, financial institutions are too expensive to assess cross-border transfers.

– Traditional financial institutions serve 20% of people and at the same time receive 80% of profits. New financial institutions should serve 80% of people and receive 20% of profits, – says Ma.

In the future, the service will operate outside of Hong Kong and the Philippines.

bocksThe founder of Alibaba noted that many Filipino workers regularly send money from Hong Kong home. Jack Ma repeatedly stated about the instability of the cryptocurrency, but he noted the uniqueness of calculations for the blockchain.

Earlier, Channel Five reported that analysts expect a sharp drop in bitcoin prices. Source:

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