Alibaba's New Leader Joe Tsai: A Longtime Backer of Web3 and Crypto

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As Alibaba completes its leadership transition with Joe Tsai officially stepping into the role of Chairman, renewed attention is turning to his forward-thinking stance on emerging technologies—particularly Web3 and cryptocurrency. Known for his strategic foresight and global investment perspective, Tsai has been an early and consistent supporter of decentralized technologies, with a personal investment footprint spanning over 10 Web3 ventures to date.

This article explores Joe Tsai’s journey into the world of crypto, his investment patterns through Blue Pool Capital, and what his leadership might mean for Alibaba’s broader technological evolution in the Web3 era.

Joe Tsai’s Public Endorsement of Cryptocurrency

Joe Tsai made his first public statement on cryptocurrency in December 2021 with a simple yet powerful tweet: “I like crypto.” Posted on X (formerly Twitter), the message sparked widespread discussion across the blockchain community. Though brief, it signaled a significant endorsement from one of Asia’s most influential business leaders.

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The following year, Tsai further emphasized his interest by pinning a thought-provoking question to his social media profile: “What is the equivalent of $0.10 in cryptocurrency?”—a nod to the democratizing potential of digital assets and microtransactions in a decentralized economy.

While Tsai has not issued lengthy manifestos on blockchain philosophy, his actions speak clearly. His engagement with Web3 is not theoretical but practical—driven through targeted investments and institutional support via his family office.

Blue Pool Capital: The Engine Behind Tsai’s Web3 Bets

Tsai’s involvement in Web3 is primarily channeled through Blue Pool Capital, a private investment firm he co-founded in 2004 with Alexander West, a former colleague from Investor AB. Based in Hong Kong, Blue Pool operates as a family office managing Tsai’s personal wealth, with a growing appetite for innovation-driven sectors—including blockchain, fintech, and digital infrastructure.

Public records and court filings reveal that Blue Pool Capital participated in two funding rounds of FTX, the now-collapsed crypto exchange. These included:

While the exact investment amounts remain undisclosed, Blue Pool acquired tens of thousands of shares across these rounds, positioning itself as a minority stakeholder during FTX’s rise.

Despite the eventual collapse of FTX, Tsai’s participation underscores his willingness to engage with high-potential, high-risk innovations—a hallmark of venture-grade thinking.

A Pattern of Strategic Web3 Investments

Beyond FTX, Blue Pool Capital has backed multiple promising Web3 projects, reflecting a diversified approach across infrastructure, NFTs, and decentralized applications.

Notable investments include:

With at least 10 documented Web3 investments, Tsai’s portfolio demonstrates a clear focus on foundational technologies that enable scalability, interoperability, and real-world utility in decentralized ecosystems.

Why Joe Tsai Believes in Web3

Several factors explain Tsai’s sustained interest in blockchain and crypto:

  1. Global Exposure: Having lived and worked extensively in both Hong Kong and the U.S., Tsai has direct access to innovation hubs where Web3 adoption is accelerating.
  2. NBA Connection: As co-owner of the Brooklyn Nets, Tsai witnessed firsthand the convergence of sports and digital assets—such as when player Spencer Dinwiddie attempted to convert part of his salary into cryptocurrency.
  3. Long-Term Vision: Unlike short-term speculators, Tsai invests through a family office structure, allowing him to take a multi-year view on transformative technologies.

As LD Capital founder Yi Lihua noted, “It’s natural for someone like Joe Tsai to explore Web3. His network, location, and mindset align perfectly with the global crypto movement.”

Ant Group’s Parallel Push Into Web3

While Tsai’s personal investments are notable, there are also signs that Ant Group—Alibaba’s fintech affiliate—is advancing its own Web3 strategy independently.

In September 2023, Ant Chain unveiled ZAN, a new Web3 brand aimed at providing technical solutions for markets in Hong Kong and beyond. ZAN focuses on developer tools, identity verification, and asset tokenization, signaling Ant’s intent to become a key infrastructure player in regulated digital economies.

Other initiatives include:

According to Wang Siyuan, Vice President of the Shaanxi Blockchain Technology and Industry Development Research Association, “Ant Group’s Web3 efforts reflect years of accumulated expertise in blockchain. They now have a comprehensive stack—from Layer 1 protocols to decentralized applications.”

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However, some experts caution against overstating Tsai’s direct influence. Yi Lihua argues that Ant Group operates with considerable autonomy from Alibaba and views its blockchain initiatives as experimental rather than core business drivers.

Frequently Asked Questions (FAQ)

Q: Has Joe Tsai continued investing in crypto after the FTX collapse?
A: Yes. Despite FTX’s failure, Tsai’s team has continued backing Web3 projects like Artifact Labs in 2023, indicating ongoing confidence in the sector’s long-term value.

Q: Is Alibaba officially entering the Web3 space under Joe Tsai?
A: Not directly. While Tsai supports Web3 personally, Alibaba has not announced major corporate initiatives in crypto. However, Ant Group’s ZAN launch suggests indirect momentum.

Q: What types of Web3 projects does Blue Pool Capital prefer?
A: The fund favors scalable infrastructure—such as Layer 2 solutions (e.g., Polygon), creator platforms (e.g., Artifact Labs), and niche verticals like sports-based Web3 apps.

Q: Does Joe Tsai hold any cryptocurrencies personally?
A: There is no public confirmation of personal holdings. His exposure is primarily institutional through Blue Pool Capital.

Q: How does Joe Tsai’s view on crypto compare to other Chinese tech leaders?
A: He stands out as one of the few Chinese executives to publicly express pro-crypto sentiment. Most peers remain cautious due to regulatory constraints.

Q: Could Alibaba launch its own blockchain or stablecoin in the future?
A: Unlikely under current regulations. Any such move would require significant policy shifts in China’s stance on private digital currencies.

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Final Thoughts

Joe Tsai’s journey into Web3 is more than a series of investments—it’s a reflection of a broader belief in decentralization, digital ownership, and financial innovation. While Alibaba remains cautious in its public stance, Tsai’s personal bets through Blue Pool Capital reveal a leader who is not only watching the future but actively funding it.

As global interest in regulated digital assets grows—especially in Asia—Tsai’s position places him at the intersection of tradition and transformation. Whether through sports, technology, or finance, his actions suggest that the era of digital trust is already underway.

For observers and participants alike, one thing is clear: when someone like Joe Tsai says “I like crypto,” it’s worth paying attention.