Alibaba is a Chinese multinational technology company founded in 1999 by Jack Ma and 17 other founders. The name Alibaba comes from the character of Ali Baba, who appeared in One Thousand and One Nights, an ancient Arabic story.
The company provides consumer-to-consumer (C2C), business-to-consumer (B2C) and business-to-business (B2B) sales services via web portals as well as electronic payment services, shopping search engine and data mining technology. It has also been involved with artificial intelligence research initiatives such as Tmall Genie voice assistant device launched in 2017.
In terms of cryptocurrency usage on its platform, Alibaba offers several options for users to make payments using digital currencies through Alipay – its mobile wallet app that is available both on Android and iOS devices; it supports Bitcoin , Etherium , Litecoin , Ripple etc . Users can easily transfer funds between their Alipay accounts or purchase goods directly from merchants accepting cryptocurrencies as payment method either online or offline . Additionally users can use digital wallets supported by Ant Financial Services Group – Alibaba’s financial affiliate – which facilitates exchanges between different crypto coins including Bitcoin Cash , Ethereum Classic among others .
When making purchases with cryptocurrencies at retailers partnered with the firm’s blockchain service provider “Ant Blockchain” buyers are able to enjoy discounts up to 50% off regular prices when paying through certain virtual currency tokens like XRP，ETT & ATOMS ; these transactions will be settled instantly without any exchange rate risk due to real time conversion into local fiat money after being received by merchant side; this feature allows customers greater freedom while still enjoying security benefits associated with decentralized ledger system offered by blockchain technologies.
