The Chinese fintech giant Ant Group is in the process of withdrawing its investment from the $100 million A&T Capital fund that was set up to invest in offshore crypto projects, Bloomberg reported today.
A&T played a central role in Ant Group’s foray into crypto space.
A&T Capital has invested in several crypto startups, including digital-asset lender Matrixport and Ethereum software maker ConsenSys.
A&T Founding Partner Yu Jun Resigns
The decision to withdraw from A&T Capital follows a series of developments within the venture.
In particular, it comes in the wake of the resignation of A&T’s founding partner, Yu Jun, who was formerly an executive at Ant Group.
The departure of Yu Jun coincided with an investigation into his conduct in the workplace as several women had accused the former head of OKX Investment of sexual harassment, including his employees at A&T Capital.
A&T Capital, which was established in April 2021 with the backing of Ant Group, was specifically designed to invest in offshore cryptocurrency projects.
Over its brief existence, it has made investments in some of the most prominent startups in the crypto space.
A&T Capital’s Future Remains Uncertain
The fate of A&T Capital remains uncertain as Ant Group moves to withdraw its investment.
There are no clear indications as to whether the venture firm will continue to operate independently or if it will seek new investors. As of the time of reporting, the A&T Capital website was inaccessible, displaying a timed-out error to users.
Official statements from both Ant Group and Yu Jun have not been provided, as they have not responded to requests for comment on this matter. Similarly, a representative for A&T Capital has not offered any comments on the situation.
The decision to exit the crypto venture comes at a time when the cryptocurrency industry is experiencing fluctuations and challenges.
Crypto venture funding saw a decline in the second quarter of the year, according to data from PitchBook.
This dip follows the virtual asset market turmoil of the previous year and occurs amidst a surge of interest in artificial intelligence technology.