Goodbye Crypto World, Ant Group Wants to Focus on AI Again!

<p>&nbsp;"Hmm it seems that many firms are not interested in crypto, but why?"</p><p><br /></p><p>A Chinese financial technology giant founded by Jack Ma, Ant Group backed away from participating in the volatile cryptocurrency market by pulling out of a $100 million investment in A&amp;T Capital.</p><p><br /></p><p>The surprise move comes after A&amp;T co-founder Yu Jun resigned after being investigated following embezzlement at work while serving as an executive at the firm.</p><p><br /></p><p>Founded in 2021, A&amp;T Capital has become a major player in the crypto market having invested in several startups such as digital asset lender Matrixport and Ethereum (ETH) software maker ConsenSys.</p><p><br /></p><p><br /></p><p>However, Ant Group backed out of the $100 million investment when the crypto venture funding landscape was found to be drastically collapsing while digital asset startup funding declined to its lowest level since 2020.</p><p><br /></p><p>The grim report leaves A&amp;T Capital's future in limbo amid uncertainty over whether it will need new investors or be able to continue its operations unimpeded.</p><p><br /></p><p>Even so, Ant Group which took a step back in crypto is reported to be shifting its progress target from digital assets to artificial intelligence (AI).</p><p><br /></p><p>This is because Ant Group on September 8, 2023 launched a financial AI model and started testing for the application, where more than 130 other companies in China also introduced similar models.</p>