Jack Ma-backed Yunfeng Financial dives into Ethereum for corporate treasury transformation
Yunfeng Financial Group, the Hong Kong-listed monetary companies agency tied to Jack Ma, has bought 10,000 Ethereum (ETH) price about $44 million to start constructing an ETH treasury, filings revealed on Sept. 2 revealed.
The acquisition marked Yunfeng’s entry into the rising pattern of public firms adopting crypto treasury methods, a playbook popularized by Strategy with Bitcoin (BTC).
Firms corresponding to SharpLink Gaming and Bitmine have taken similar steps in recent months, betting on ETH as a part of long-term stability sheet administration.
Yunfeng, which gives companies together with insurance coverage, brokerage, and asset administration, stated the Ethereum buy will assist cut back its reliance on conventional currencies whereas supporting its technological growth into Web3, real-world belongings, digital currencies, and AI.
The firm unveiled its broader technique in July as a part of a pivot towards next-generation monetary infrastructure. The agency is majority owned by Shanghai-based Yunfeng Capital, the non-public fairness group co-founded in 2010 by Ma, who additionally helped launch Ant Group and Alibaba.
Yunfeng’s entry into crypto treasuries signifies how Asia-based corporations are starting to undertake digital belongings in corporate finance methods that transcend speculative buying and selling.
Yunfeng Financial’s shares rose 9.55% following the announcement and closed the day at 3.67 Hong Kong {dollars} (47 U.S. cents).
The transfer provides momentum to ETH’s growing role in corporate treasuries, with extra firms seeking to diversify away from fiat and combine blockchain-based infrastructure into their companies.
Ethereum is the world’s second-largest cryptocurrency by market worth, and treasury adoption by listed corporations is seen as a sign of deepening institutional acceptance.
Based on CryptoSlate information, Ethereum was buying and selling at $4,264 as of press time, down 2.12% over the previous 24 hours.
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