Asian Market Sees Ethereum Growth and Whale Domination
The cryptocurrency landscape in Asia is experiencing significant developments. A company co-founded by Alibaba’s Jack Ma is increasing its investment in Ethereum-based projects, while a recent report highlights the substantial influence of large investors in the South Korean crypto market.
Jack Ma Co-Founded Firm Backs Ethereum Insurance
Yunfeng Financial Group, a Hong Kong-listed fintech entity co-founded by Jack Ma, has spearheaded a $22 million Series A funding round for Anthea Holding Limited. Anthea, a Bermuda-based crypto insurance firm, plans to use this capital to launch its first life insurance product built on the Ethereum blockchain. The company also aims to expand its operations across the Asian market.
This investment follows Yunfeng Financial’s acquisition of 10,000 ETH, valued at approximately $44 million, just over a month prior. This Ethereum reserve is intended to support real-world asset tokenization and applications within decentralized finance (DeFi) insurance.
“Whales” Hold Significant Power in South Korea
Separate analysis indicates that large investors, often referred to as “whales,” control an overwhelming majority of the South Korean cryptocurrency market. These whales reportedly account for 91% of the market share, underscoring their considerable impact on market dynamics and liquidity within the region.
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