China’s long-standing ban on cryptocurrencies might give the impression the country is not a hospitable environment for innovation in Web3. But the reality on the ground in Chinese tech companies points to the opposite. Recent government communiqués place as much importance on Web3 as they do AI, with one white paper released earlier this year calling it an “inevitable trend for future internet industry development”.
To demystify Web3 and find out more about how China’s approach towards the technological vision is shifting, we spoke to Toby Rush, a twenty-year tech industry veteran with extensive experience as both a founder and an investor. Previously, Toby Rush led the International Technology investments Team for Ant Group, the payments subsidiary of Chinese tech giant Alibaba Group. Prior to that, he was CEO of ZOLOZ, an Alibaba digital identity platform. ZOLOZ evolved from EyeVerify, which Rush founded in 2012, and which became a wholly owned subsidiary of Ant Group in 2016 after creating a novel eye-based biometrics used by Wells Fargo, RSA and Citi. EyeVerify was acquired by an affiliate of Chinese tech conglomerate Alibaba for $100 million in 2016. Source: Dao Insights
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