The second largest cryptocurrency due to market caps continues to attract companies that want to diversify their financial strategy, so Ethe adoption has no signs of slowing speed.
YUNFENG Financial buys $ 44 million from Ether Lee
According to AN presentation Earlier today, YUNFENG Financial Group, listed in Hong Kong, is the latest company investing in Ether Leeum. The company bought about $ 44 million of 10,000 ETH.
This announcement is said to have finished funds through internal cash reserves. In particular, on July 14, the company announced plans to expand to the same areas such as Web3, Real World Assets (RWA) and AI (AI).
Yunfeng Financial Group is a publicly listed company based in Hong Kong and provides investment and financial services. In particular, China's billionaire JACK Ma is a major employee of this group.
Regarding the acquisition of ETH, the company explained that Ether Lee was selected over other digital assets to support infrastructure for RWA tokenization. The company added:
This measurement will also promote the group's technological innovation in the web3 and realize the comprehensive and organic integration with the technology for customers, effectively improving customer service experience and financial autonomy. On the other hand, the Company will explore the ETH model that can be applied in the group insurance business and the innovative business scenario compatible with the Web3.
The announcement also stated that Yunfeng Financial Group plans to classify ETH as an investment asset for the loan table. Holding ETH helps to diversify its assets and reduce the dependence on traditional currency currencies.
The JACK Ma-Inked company plans to use ETH in insurance operation and distributed finance-based (Defi) business scenario. This may include using ETH or using to provide liquidity as a collateral for Defi loans.
Ether Lee's Ether Machine on similar news presentation Prior to the highly expected NASDAQ listing at the end of this year, private finance raised $ 665 million worth of ETH.
To recall, the ether machine was formed earlier this year through the merger between ether reserve and Dynamix Corporation. The company is expected to be released at almost 500,000 ETHs, reaching $ 21.6 billion.
Will ETH flip Bitcoin?
Bitcoin (BTC) remains the largest cryptocurrency with its market cap exceeding $ 1 trillion, but ETH continues to follow. Recent data show ETF (ETHEREUM EXCHANGE-Traded Funds) already surpasses BTC opponents.
One of the main factors leading the adoption of ETH is a wide range of use. Vaneck CEO Jan Van Eck dubbing ETH “Wall Street token”. In the press time, ETH has fallen 1.4% over the last 24 hours to $ 4,299.
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