Alibaba has often showcased its interest towards blockchain technology, with the Chinese e-commerce giant having already released a few services based on the distributed ledger. However, it seems as if the company’s Chairman, Jack Ma, isn’t too bullish on bitcoin and other digital currencies.

Bitcoin is a Bubble!

During an event held for the release of a new blockchain-based cross-border remittance service, Jack Ma stated:

“It is…not right to become rich overnight by betting on the blockchain.” Ma continued: “Technology itself isn’t the bubble, but bitcoin likely is.”

While Ma has time and again advocated the advantages of blockchain technology, he also talked on behalf of Alibaba and mentioned that the company does not hold bitcoin, and would rather keep away from digital currencies. Despite this, the chairman believes that blockchain technology holds numerous advantages for sustainability, data privacy and security.

During the event, the company also announced the launch of a remittance service, which will record transactions onto the DLT for added operational benefits such as increased security and improved transactional speeds. The service will be used for cross-border payments between Hong Kong and the Philippines and has been created following a partnership between Alibaba’s Ant Financial and GCash, an entity operated by Globe Telecom.

In Closing

This isn’t Alibaba’s first venture into the blockchain market. In the past, they’ve released a counterfeit food prevention platform and integrated the technology within their own operations.

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