Jack Ma Projects Cashless Future Amid Rumors of Tron Partnership
Jack Ma in suit, red tie, raisedhand, a picture of the globe in the background

Jack Ma Projects Cashless Future Amid Rumors of Tron Partnership

Oct 10, 2018, 8:09AM
Industry 1 min, 25 sec READ
by William A. Ebbs

Jack Ma, the founder of Alibaba, predicts a cashless future amid rumors that his company is pursuing a partnership with Tron.

Amid rumors of an upcoming Tron partnership, Jack Ma, the CEO, and founder of Alibaba, believes blockchain technology can help create a cashless society. The billionaire investor outlined his ideas at a recent speech joined by China-based financial conglomerate Ant Financial. Ma stated,

I pay special attention to cashless society and blockchain technology. Mine and Alibaba’s job is we will move the world into a cashless society. The society can make everybody equal, inclusive to get the money they need, make sure it is sustainable and is transparent.

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China is already transitioning into a cashless society, and most of the country already relies on smartphone-based payment applications like Alipay. Alipay is a third-party payment processor owned by Ant Financial, a subsidiary company of Alibaba Group. Jack Ma believes blockchain technology can provide an impetus for more sophisticated payment processors based on blockchain technology.  

Rumors of a Tron Partnership 

Jack Ma's comments come within a wider context. According to reports from The Abacus Journal, an online cryptocurrency magazine, teams from Alibaba and the Tron foundation are working together to launch a new cryptocurrency exchange on the Tron blockchain. Justin Sun, the founder of Tron, is reportedly working on the new project. 

The news of a potential Alibaba partnership, along with a possible Coinbase listing have boosted Tron's market cap substantially in recent days. The asset appreciated around 15% within 24 hours of the news breaking before giving back some of its gains to settle at a total market cap of around $1.7 billion.   

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.