Alibaba Subsidiary Drives Attention to its Ethereum Layer 2 Blockchain

Jovay Network, an Ethereum Layer 2 (L2) network backed by Ant Digital, a subsidiary of Alibaba, is catching eyes today after it proclaimed its alignment with Ethereum on social media.

Despite many investors being surprised by the news, Jovay was originally revealed as an Ethereum L2 in April at the RWA Real Up conference in Dubai.

Jovay touts itself as 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 $50 million in total value locked, but has only finalized 16,600 total transactions.

Jovay Explorer

Alibaba Group ($BABA) is the 30th-largest company in the world by market capitalization, with a $385 billion valuation, making it the second-largest company in China.

The company first began exploring blockchain via Ant in 2019 with Alibaba Cloud, its blockchain-as-a-service (BaaS) platform for supply chain management tasks such as product traceability.