Joe Tsai, the soon-to-be former executive vice chair of China-based technology giant Alibaba (NYSE:), will replace Daniel Zhang as company chair.

In a June 20 announcement, Alibaba said Zhang would be stepping down as chair of the company and CEO effective Sept. 10, whereupon he will continue to serve as the chair and CEO of Alibaba Cloud Intelligence Group. Tsai, through wealth manager Blue Pool (NASDAQ:) Capital, has been behind investments in several crypto firms, including FTX, Polygon’s $450-million funding round in February and Web3 firm Artifact Labs.