Ethereum (ETH) adoption shows no signs of slowing as market capitalization by second-largest Cryptocurrence continues to attract companies seeking to diversify their financial strategies.
Yunfeng Financial buys $44 million at Ethereum
According to announcement Today, listed in Hong Kong, Yunfeng Financial Group is the latest entity investing in Ethereum. The company purchased 10,000 ETH, worth around $44 million.
The announcement states that ETH purchases were primarily funded through internal cash reserves. In particular, on July 14, the company disclosed its plans to expand to areas such as Web3, Real World Assets (RWA), and artificial intelligence (AI).
For beginners, Yunfeng Financial Group is a Hong Kong-based publicly listed company offering investment and financial services. In particular, Chinese billionaire Jack Ma is an important ally in the group.
Regarding the acquisition of ETH, the company explained that Ethereum was chosen over other digital assets to support the infrastructure of RWA tokenization. Company added:
The measure will also promote group innovation in the Web3 space, delivering comprehensive and organic integration with client technology with client technology, effectively enhancing client service experience and financial autonomy. Meanwhile, the company will explore potential application models for ETH in the group’s insurance business and innovative business scenarios compatible with Web3.
The announcement also noted that Yunfen Financial Group plans to classify ETH as an investment asset on its balance sheet. Holding ETH helps diversifying your asset-based, reducing your reliance on traditional Fiat currency.
The Jack Ma-Linked company plans to leverage ETH in its insurance operations and distributed finance-based (DEFI) business scenarios. This includes using ETH as collateral or using it to provide liquidity.
Similar news is the company ether machine centered on Ethereum announcement The company raised $654 million worth of ETH in private funding, prior to the NASDAQ list scheduled for later this year.
To remember, the ether machine was formed earlier this year through a merger of the ether reserve with Dynamix Corporation. The company is expected to be released at around 500,000 ETH, and is worth $2.16 billion.
Does ETH turn Bitcoin over?
Bitcoin (BTC) remains the largest cryptocurrency with a market capitalization of over $1 trillion, but ETH is steadily catching up. Recent data show The Ethereum Exchange Trade Fund (ETF) has already surpassed its BTC counterparts.
One of the main factors driving ETH adoption is its wide range of use cases. Vanek CEO Jan Van Eck recently dubbing ETH “Wall Street Token”. At press time, ETH will trade at $4,299, a 1.4% decrease over the past 24 hours.
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