Alibaba Subsidiary Drives Attention to its Ethereum Layer 2 Blockchain

Jovay Community, an Ethereum Layer 2 (L2) community backed by Ant Digital, a subsidiary of Alibaba, is popping heads at the moment after saying its affiliation with Ethereum on social media.

Regardless of many traders being shocked by the information, Jovay was initially unveiled as an Ethereum L2 on the RWA Actual Up convention in Dubai in April.

Jovay touts itself as a financial-grade blockchain infrastructure centered on international real-world asset (RWA) tokenization by way of its “modular Layer2 infrastructure that bridges Web2 and Web3.”

In response to the chain’s block explorer, the community at the moment hosts a complete worth of $50 million, however has solely accomplished 16,600 transactions in whole.

Jovay scout

Alibaba Group ($BABA) is the thirtieth largest firm on the planet by market capitalization, with a valuation of $385 billion, making it the second largest firm in China.

The corporate first began exploring blockchain by way of Ant in 2019 with Alibaba Cloud, its blockchain-as-a-service (BaaS) platform for provide chain administration duties comparable to product traceability.