Recent financial movements in Asia highlight a growing interest in Ethereum-based applications, alongside a notable concentration of wealth in the South Korean crypto market.
Jack Ma’s Yunfeng Financial Backs Ethereum Insurance Venture
Yunfeng Financial Group, a Hong Kong-listed fintech firm co-founded by Alibaba’s Jack Ma, has led a $22 million Series A funding round for Anthea Holding Limited. Anthea, a Bermuda-based crypto insurance company, announced that this capital will support the launch of its initial Ethereum-based life insurance product and facilitate expansion 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 Ether is reportedly intended to serve as a strategic reserve, supporting both real-world asset tokenization efforts and decentralized finance (DeFi) insurance applications.
South Korean Market Sees Significant Whale Activity
Within the South Korean cryptocurrency market, an overwhelming 91% of the market share is attributed to “whales,” large holders of digital assets. This significant concentration of wealth among a small number of participants indicates a distinct market dynamic in the region.
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