Jack Ma Projects Cashless Future Amid Rumors of Tron PartnershipOct 10, 2018, 8:09AM
Jack Ma, the founder of Alibaba, predicts a cashless future amid rumors that his company is pursuing a partnership with Tron.
Amid rumors of an upcoming Tron partnership, Jack Ma, the CEO, and founder of Alibaba, believes blockchain technology can help create a cashless society. The billionaire investor outlined his ideas at a recent speech joined by China-based financial conglomerate Ant Financial. Ma stated,
I pay special attention to cashless society and blockchain technology. Mine and Alibaba’s job is we will move the world into a cashless society. The society can make everybody equal, inclusive to get the money they need, make sure it is sustainable and is transparent.
China is already transitioning into a cashless society, and most of the country already relies on smartphone-based payment applications like Alipay. Alipay is a third-party payment processor owned by Ant Financial, a subsidiary company of Alibaba Group. Jack Ma believes blockchain technology can provide an impetus for more sophisticated payment processors based on blockchain technology.
Rumors of a Tron Partnership
Jack Ma's comments come within a wider context. According to reports from The Abacus Journal, an online cryptocurrency magazine, teams from Alibaba and the Tron foundation are working together to launch a new cryptocurrency exchange on the Tron blockchain. Justin Sun, the founder of Tron, is reportedly working on the new project.
The news of a potential Alibaba partnership, along with a possible Coinbase listing have boosted Tron's market cap substantially in recent days. The asset appreciated around 15% within 24 hours of the news breaking before giving back some of its gains to settle at a total market cap of around $1.7 billion.
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