Firmly lay out cutting-edge fields such as Web 3.0 and RWA! Yunfeng Financial (00376) spent 44 million dollars to buy 10,000 ETH

Zhitong Finance App learned that on September 2, Yunfeng Financial Group Co., Ltd. (00376) issued an announcement stating that the board of directors has approved the purchase of ETH in the open market as the company's reserve asset. As of the announcement date, the Group has purchased a total of 10,000 ETH, with a total investment amount of US$44 million (including expenses and expenses), all of which come from the Group's internal cash reserves. The purchased ETH will be listed as an investment asset in the financial statements. The Group stated that it will continue to pay close attention to market trends, regulatory policies and its own financial situation, and adjust reserve asset allocation in due course.

The board of directors believes that incorporating ETH into the company's strategic reserve assets is in line with the Group's layout in cutting-edge fields such as Web3, and can provide critical infrastructure support for real-world asset (RWA) tokenization activities. This initiative will also promote the Group's technological innovation in the Web3 field, achieve the full organic integration of finance and technology for customers, and effectively enhance the customer's service experience and financial autonomy. On the other hand, the company will explore potential application models of ETH in the group's insurance business, as well as innovative business scenarios compatible with Web3. Furthermore, the Group's use of ETH as a reserve asset can optimize the asset structure and reduce dependence on traditional currencies.

This move is also part of Yunfeng Financial's strategy to comprehensively lay out cutting-edge fields such as Web 3.0, RWA, digital currency, and ESG zero-carbon assets. As an innovative insurance and fintech group, as early as July, Yunfeng Financial announced that it will adhere to the development path of “based in Hong Kong, connecting to the Greater Bay Area, and connecting to the world”, and that the company is committed to providing comprehensive financial services to individual, institutional and corporate customers through Internet technology. Based on existing insurance, securities, and cloud services and virtual banking ecosystems jointly built with strategic partners, the Group is systematically promoting strategic investment in the fields of digital currency (including stablecoins), RWA, artificial intelligence, and ESG zero-carbon assets, with a special focus on the implementation and collaboration of relevant business scenarios in the Bay Area.

Yunfeng Financial's purchase of ETH as a reserve asset and its overall layout in the Web3.0 field not only shows the deep participation of traditional financial institutions in the digital asset field, but also reflects its long-term strategic intention to promote innovation and sustainable development in the financial industry.