BTC Digital, a blockchain and mining firm traded on Nasdaq as BTCT, has determined to shift its focus completely to Ethereum.
The announcement got here because the agency closed a $6 million funding spherical to help its new technique.
The corporate confirmed that it has already bought $1 million price of Ethereum
$3,578.51
and plans to trade all its present and future Bitcoin
$118,143.87
holdings for Ethereum. The purpose is to construct a big pool of on-chain property and use it as the inspiration for long-term progress.
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CEO Siguang Peng defined the choice by pointing to Ethereum’s position in decentralized finance (DeFi), real-world asset tokenization, and sensible contract functions. He mentioned these use instances make Ethereum a greater match for the corporate’s future plans than Bitcoin.
By the tip of 2025, BTC Digital goals to carry “tens of hundreds of thousands of {dollars}” in Ethereum. These property might be put to work via staking, lending in DeFi, real-world token tasks, and stablecoin actions.
The corporate outlined a number of initiatives as a part of this technique. These embrace creating Ethereum-backed yield swimming pools, constructing infrastructure for stablecoins, and increasing partnerships inside the Ethereum community.
These partnerships will cowl areas like decentralized finance platforms, non-fungible tokens (NFTs), and Layer-2 scaling tasks.
Peng famous that specializing in Ethereum permits the corporate to construct a base for regular returns, various earnings streams, and new blockchain-based merchandise.
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