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<\/p>\nEthereum (ETH) adoption reveals no indicators of slowing down, because the second-largest cryptocurrency by market cap continues to draw corporations trying to diversify their company treasury methods.<\/span><\/p>\n According to an <\/span>announcement<\/span><\/a> earlier at the moment, Hong Kong-listed Yunfeng Financial Group is the newest entity to put money into Ethereum. The agency bought 10,000 ETH price roughly $44 million.<\/span><\/p>\n The announcement states that the ETH buy was primarily funded by way of inside money reserves. Notably, on July 14, the agency disclosed plans to increase into areas corresponding to Web3, Real World Assets (RWA), and synthetic intelligence (AI).<\/span><\/p>\n For the uninitiated, Yunfeng Financial Group is a Hong Kong-based publicly-listed agency providing funding and monetary companies. Notably, Chinese billionaire Jack Ma is a key affiliate of the group.<\/span><\/p>\n Regarding the ETH acquisition, the corporate defined that Ethereum was chosen over different digital property to help infrastructure for RWA tokenization. The firm added:<\/span><\/p>\n This measure will even facilitate the Group\u2019s technological innovation within the Web3 discipline, and understand the excellent and natural integration of finance with expertise for its purchasers, which is able to successfully improve consumer\u2019s service expertise and monetary autonomy. On the opposite hand, the Company will discover the potential relevant fashions of ETH within the Group\u2019s insurance coverage enterprise, in addition to revolutionary enterprise situations appropriate with Web3.<\/span><\/p>\n<\/blockquote>\n The announcement additionally famous that Yunfeng Financial Group intends to categorise ETH as an funding asset on its stability sheet. Holding ETH will assist diversify its asset base and scale back reliance on conventional fiat currencies.\u00a0<\/span><\/p>\n The Jack Ma-linked agency plans to leverage ETH in insurance coverage operations and decentralized finance-based (DeFi) enterprise situations. This might embody utilizing ETH as collateral for DeFi loans or utilizing it to offer liquidity.<\/span><\/p>\n In related information, Ethereum-focused agency Ether Machine <\/span>announced<\/span><\/a> that it had raised $654 million price of ETH in personal financing, forward of its highly-anticipated Nasdaq itemizing later this 12 months.<\/span><\/p>\n To recall, the Ether Machine was fashioned by way of a merger between the Ether Reserve and Dynamix Corporation earlier this 12 months. The agency is predicted to go public with nearly 500,000 ETH, price $2.16 billion.<\/span><\/p>\n Although Bitcoin (BTC) stays the biggest cryptocurrency with a market cap exceeding $1 trillion, ETH is steadily catching up. Recent information <\/span>shows<\/span><\/a> that Ethereum exchange-traded funds (ETFs) are already outshining their BTC counterparts.<\/span><\/p>\n One main issue driving<\/a> ETH adoption is its broad vary of use instances. VanEck CEO Jan van Eck not too long ago <\/span>dubbed<\/span><\/a> ETH the \u201cWall Street token.\u201d At press time, ETH trades at $4,299, down 1.4% over the previous 24 hours.<\/span><\/p>\n Featured picture from Unsplash.com, chart from TradingView.com<\/p>\n Editorial Process<\/strong> for bitcoinist is centered on delivering totally researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent evaluation by our crew of high expertise consultants and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.<\/p>\n<\/p><\/div>\n<\/p><\/div>\nYunfeng Financial Buys $44 Million In Ethereum<\/span><\/h2>\n
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Will ETH Flip Bitcoin?<\/span><\/h2>\n
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