Another Hong Kong company is adding cryptography to the Ministry of Finance, but wants to do more than passively retain it.
IVD Medical Holdings purchased $19 million ($149 million) of ether (ETH) and placed assets at the heart of their actual asset tokenization strategy.
The company is building IVD.xyz, a platform for tokenizing pharmaceutical intellectual property and other medical assets.
In a statement to Coindesk, Chief Strategy Officer Gary Deng said that Ethereum was chosen as a core asset as it is the “world’s most mature smart contract platform” with “very high liquidity” and growing institutional awareness.
IVD will use ETH to verify chain ownership of tokenized assets, to automatically generate revenue and compliance governance.
It also serves as the payment layer for the company’s planned IVDD Stablecoin, which allows cross-border transactions within Hong Kong and within the US compliance framework. Revenues from RWA transactions are automatically converted to ETH and deposited in the Ministry of Finance.
IVD will also deploy ETH to staking, restaking and on-chain derivatives to increase returns and fluidity while adding downside protection. The move places IVD along with a small group of companies registered with HKEX, which has the Crypto Ministry of Finance.
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Boyaa Interactive (0434.hk) holds value over USD 3,100 after converting almost all of its ether into Bitcoin. Meitu (1357.HK) has finished their positions after purchasing around 31,000 ETH and 940 BTC in 2021.
Other small bitcoin holders include Yuxing Infotech (8005.hk) with 78 BTC, Moon Inc. (1723.hk) 18.88 BTC, and Walnut Capital (0905.hk) with 10 BTC from shareholder donations.
The IVD move came as part of announcing a broader partnership with Hashkey Group, which operates the hashkey exchange in Hong Kong.
Read more: Sharplink raises $200 million direct products to boost ETH Holdings to $20 billion
