The second largest cryptocurrency as a result of market caps continues to draw corporations that wish to diversify their monetary technique, so Ethe adoption has no indicators of slowing pace.
YUNFENG Monetary buys $ 44 million from Ether Lee
In keeping with AN presentation Earlier at the moment, YUNFENG Monetary Group, listed in Hong Kong, is the newest firm investing in Ether Leeum. The corporate purchased about $ 44 million of 10,000 ETH.
This announcement is alleged to have completed funds by way of inside money reserves. Specifically, on July 14, the corporate introduced plans to increase to the identical areas equivalent to Web3, Actual World Belongings (RWA) and AI (AI).
Yunfeng Monetary Group is a publicly listed firm primarily based in Hong Kong and gives funding and monetary companies. Specifically, China’s billionaire JACK Ma is a significant worker of this group.
Relating to the acquisition of ETH, the corporate defined that Ether Lee was chosen over different digital property to help infrastructure for RWA tokenization. The corporate added:
This measurement may also promote the group’s technological innovation within the web3 and understand the excellent and natural integration with the know-how for purchasers, successfully enhancing customer support expertise and monetary autonomy. However, the Firm will discover the ETH mannequin that may be utilized within the group insurance coverage enterprise and the revolutionary enterprise state of affairs suitable with the Web3.
The announcement additionally said that Yunfeng Monetary Group plans to categorise ETH as an funding asset for the mortgage desk. Holding ETH helps to diversify its property and scale back the dependence on conventional foreign money currencies.
The JACK Ma-Inked firm plans to make use of ETH in insurance coverage operation and distributed finance-based (Defi) enterprise state of affairs. This will embrace utilizing ETH or utilizing to offer liquidity as a collateral for Defi loans.
Ether Lee’s Ether Machine on related information presentation Previous to the extremely anticipated NASDAQ itemizing on the finish of this yr, non-public finance raised $ 665 million value of ETH.
To recall, the ether machine was fashioned earlier this yr by way of the merger between ether reserve and Dynamix Company. The corporate is anticipated to be launched at virtually 500,000 ETHs, reaching $ 21.6 billion.
Will ETH flip Bitcoin?
Bitcoin (BTC) stays the most important cryptocurrency with its market cap exceeding $ 1 trillion, however ETH continues to comply with. Current knowledge present ETF (ETHEREUM EXCHANGE-Traded Funds) already surpasses BTC opponents.
One of many most important elements main the adoption of ETH is a variety of use. Vaneck CEO Jan Van Eck dubbing ETH “Wall Road token”. Within the press time, ETH has fallen 1.4% during the last 24 hours to $ 4,299.
Chart of TradingView.com, the primary picture of unsplash.com
