Ant Financial Services Group, Alibaba's payment partner and operator of AliPay, has taken a critical position over ICOs. This is reported by Coindesk.
Eric Jing, CEO of Ant Financial's, talking at the annual China Development Forum on March 24 in Beijing, said that much of the existing blockchain enthusiasm comes from speculation around the blockchain.
Jing suggested that many projects behind tokensales canonly a poor white paper, and he appeared to rule out the possibility of his firm holding an ICO.
The current phase is like the internet bubble period in the '90s. Ant Financial has drawn a clear line with ICOs.
CEO, Ant Financial
Eric Jing noteed that he believes in blockchain's potential as a trust mechanism for the future digitalized society, but at the moment, bubble is likely to blow in the next few years. Only after that will the industry be able see real blockchain applications come, he said.