Hong Kong’s IVD Medical Adds $19M Ether to Its Treasury

2 weeks ago

Another Hong Kong institution is adding crypto to its treasury, but it wants to bash much than passively clasp it.

IVD Medical Holdings has purchased $19 cardinal (HK$149 million) of ether (ETH), positioning the plus astatine the halfway of its real-world plus tokenization strategy.

The institution is gathering ivd.xyz, a level for tokenizing pharmaceutical intelligence spot and different healthcare assets, which volition tally wholly connected Ethereum astute contracts.

In a connection to CoinDesk, Chief Strategy Officer Gary Deng said Ethereum was chosen arsenic the halfway plus due to the fact that it is “the world’s astir mature astute declaration platform” with “extremely precocious liquidity” and increasing organization recognition, pointing to the U.S. SEC’s support of a spot ETH ETF.

IVD plans to usage ETH for on-chain ownership confirmation, automated gross distribution, and compliance governance of tokenized assets.

It volition besides service arsenic the colony furniture for the company’s planned IVDD stablecoin, enabling cross-border transactions wrong Hong Kong and U.S. compliance frameworks. Revenue from RWA transactions volition beryllium automatically converted into ETH and deposited into the treasury.

IVD besides intends to deploy ETH into staking, re-staking, and on-chain derivatives to boost returns and liquidity portion adding downside protection. The determination puts IVD alongside a tiny radical of HKEX-listed companies with crypto treasuries, astir of which favour bitcoin (BTC).

Boyaa Interactive (0434.HK) holds much than 3,100 BTC worthy implicit US$300 cardinal aft converting astir each of its ether to bitcoin. Meitu (1357.HK) bought astir 31,000 ETH and 940 BTC successful 2021 earlier exiting those positions.

Other smaller bitcoin holders see Yuxing InfoTech (8005.HK) with 78 BTC, Moon Inc. (1723.HK) with 18.88 BTC, and Walnut Capital (0905.HK) with 10 BTC from a shareholder donation.

IVD's determination was made arsenic portion of a broader concern announcement with HashKey Group, which operates the Hong Kong-licensed HashKey exchange.

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