Ant Financial Joins a $10 Million Funding Round for Blockchain Privacy Startup Qedit
7 May, 2019
Alibaba Group’s Affiliate Company, Ant Financial, the top most valued FinTech Company in the world, which also happens to be the world’s most valuable unicorn startup company with a valuation of $150 billion, is always coming up with better ways to grow its platform.
Just recently, Ant Financial joined a $10 million fund raiser for blockchain-based data privacy startup, Qedit, a developer of privacy technology for enterprise blockchains. Led by MizMaa Ventures the investment fund raiser also included participations from other high-profile platforms such as the subsidiary of Reinsurance Group of America (RGAX), Meron Capital, Collider Ventures, Jovono and Target Global.
Geoff Jiang, a vice president and the general manager of Ant Financial’s technology and business innovation group, said in a statement:
“Ant Financial shares a common vision with QEDIT to protect data privacy and security. Robust privacy measures are critical to the ongoing development of the wider finance sector. Together with Qedit, Ant Financial is committed to providing such capabilities as part of our blockchain services.”
Apparently, the funding follows Qedit’s partnership with VMware, and RGAX to showcase a secure privacy protocol for blockchain based on Zero knowledge Proof (ZKP) cryptography. Ant Financial will also be incorporating Qedit’s ZKP technology into its blockchain projects. The $10 million earned is an addition to a previous $3 million seed round and $1 million earned in grants, this totals Qedit’s funding to $14 million.
As mentioned earlier, Qedit is a blockchain layer that keeps details of users’ blockchain-based transactions private from other nodes using the ZKP cryptography. With Qedit, users can transfer ownership of blockchain assets without revealing their transaction details while at the same time ensuring regulatory compliance according to custom-defined business rules.
With the new partnership, Qedit will be able to make current working practices in the finance and insurance industries more efficient. According to a statement made by Jonathan Rouach, CEO and co-founder of QEDIT;
“We have been getting our product out to large providers in Asia and one of them is Ant Financial, the largest fintech in the world. So our product is compatible with the Ant Financial blockchain offering,” he is quite positive that both Ant Financial and Qedit share a similar vision for data protection and privacy.”