From Payments Skeptic to Blockchain Builder
Jack Zhang, CEO of payments giant Airwallex, has co-founded a new venture called Alta, which has completed a Series A funding round. The company aims to use blockchain-based settlement to unlock idle corporate liquidity. The move marks a notable shift for Zhang, who has previously expressed skepticism about crypto’s practical utility in payments.
Institutional Momentum Builds
Alta joins a growing wave of traditional financial institutions exploring on-chain financial infrastructure. Stripe, Visa, JPMorgan, and Swift are all actively developing or investing in blockchain-based settlement solutions. These players are vying for a position in the future of money movement, where tokenized deposits and stablecoins could streamline cross-border payments and corporate treasury operations.
The Liquidity Puzzle
Corporations often hold substantial cash balances across multiple accounts and jurisdictions, much of which sits idle due to settlement delays and operational friction. Alta’s proposition is to use on-chain rails to mobilize these balances more efficiently, potentially earning yield or reducing funding costs. However, the challenge lies in integrating with existing banking systems and ensuring regulatory compliance.
Prospects and Challenges
While the vision is compelling, the path forward is uncertain. Regulatory clarity around tokenized deposits and stablecoins remains fragmented globally. Moreover, incumbents like JPMorgan’s Onyx and Visa’s B2B Connect already have significant head starts. Alta will need to demonstrate tangible efficiency gains and navigate complex compliance landscapes to gain traction.
Forward Look
The entry of a payments CEO with a skeptical past into the blockchain space signals a broader recognition that on-chain settlement may be inevitable. As more institutions commit resources, the infrastructure for tokenized finance will mature, but the ultimate test will be whether these solutions deliver real cost and speed advantages over traditional systems.
