Crypto Supporter Joe Tsai Becomes Alibaba's New Chairman

The billionaire, who is sympathetic to the cryptocurrency industry, will start his new role on September 10, 2023.

Alibaba Group, a Chinese technology company focused on e-commerce, announced that Joe Tsai will succeed Zhang Yong as the entity's new chairman.

Known as an advocate for the cryptocurrency industry, the Taiwanese-Canadian billionaire businessman has put his name on several digital asset projects. Recent news revealed that Blue Pool Capital, the agency that manages Tsai Ing-wen's personal wealth, participated in two rounds of financing for the once-famous cryptocurrency exchange FTX.

Change at top

Tsai Ing-wen, currently executive vice chairman, will take over on September 10 this year, succeeding Zhang Yong. For his part, Wu Yongming will become CEO of Alibaba Group and succeed Zhang on the board.

The latter will continue to lead Alibaba Cloud Intelligence Group, adding that he looks forward to working with the incoming executive. He also vowed to make cloud computing and artificial intelligence more accessible to "companies of all sizes and industries as they continue their digital transformation."

Cai highlighted Wu's previous work as chief technology officer of Taobao and Alipay, claiming that he "played an important role in building our technology platform and guiding our strategic direction." He hopes Alibaba can keep growing under new management by focusing on technology and innovation.

Wu asserted, "While our current transformation has brought about a new corporate organization and governance structure, Alibaba's mission has not changed. We will continue to enable individuals and businesses to benefit from the digital economy with innovation and our leading technology-enabled unique value proposition for our customers.”

Tsai’s Pro-Cryptocurrency Stance

The Taiwanese-Canadian businessman, whose net worth is estimated to be close to $8 billion, has shown his positive outlook on the digital asset space over the years. Some of his first comments came in late 2021 when he simply tweeted: "I love cryptocurrencies."

Joseph Tsai, source: The New York Times

His name was once again associated with the industry in February 2022 when Blue Pool Capital (which Tsai uses as his family office) participated in Polgyon's $450 million funding round. The company also led a fundraiser for Artifact Labs in March of this year.

However, not all of its investments in this area have been successful. The South China Morning Post revealed earlier this year that Blue Pool Capital had taken a stake in FTX in two rounds of financing.

Recall that the exchange filed for bankruptcy in November 2022, marking one of the largest crashes in crypto history.