Jovay Network, an Ethereum Layer 2 (L2) network backed by Ant Digital, a subsidiary of Alibaba, is turning heads today after announcing its affiliation with Ethereum on social media.
Despite many investors being surprised by the news, Jovay was originally unveiled as an Ethereum L2 at the RWA Real Up conference in Dubai in April.
Jovay touts itself as a financial-grade blockchain infrastructure focused on global real-world asset (RWA) tokenization via its “modular Layer2 infrastructure that bridges Web2 and Web3.”
According to the chain’s block explorer, the network currently hosts a total value of $50 million, but has only completed 16,600 transactions in total.
Jovay scout
Alibaba Group ($BABA) is the 30th largest company in the world by market capitalization, with a valuation of $385 billion, making it the second largest company in China.
The company first started exploring blockchain through Ant in 2019 with Alibaba Cloud, its blockchain-as-a-service (BaaS) platform for supply chain management tasks such as product traceability.