Ant Financial joins $10 million funding round in Qedit

Ant Financial joins $10 million funding round in Qedit

Ant Financial has participated in a $10 million fund raise for blockchain-based data privacy startup Qedit.

Led by MizMaa Ventures, other investors in the Israeli-based startup include RGAX, Meron Capital, Collider Ventures, Jovono and Target Global.

The funding comes as Qedit announces a partnership with VMware, Ant Financial, and re-insurance outfit RGAX to showcase a secure privacy protocol for blockchain, based on Zero-Knowledge Proof cryptography.

Qedit financial partners use the firm's technology to calculate an accurate credit scoring based on private data, without accessing the private data.

Geoff Jiang, VP, GM of technology and business innovation group, Ant Financial says: “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.”

Ant Financial's mobile money arm Alipay last year launched a blockchain-based remittance product, promising real-time funds transfers across key migrant corridors beginning with Hong Kong and the Philippines and more recently Pakistan and Malaysia.

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