A group of Asian executives with deep roots in crypto is setting up a new trust to accumulate Ethereum
ETH
$3 823
24h volatility:
1.0%
Market cap:
$461.60 B
Vol. 24h:
$54.74 B
, with plans to raise around $1 billion. The effort comes as ETH faces price pressure, trading at $3,875 below its 50-day exponential moving average.
According to Bloomberg, Li Lin, who founded the Huobi exchange and now chairs Avenir Capital, is driving the project. He has teamed with Shen Bo of Fenbushi Capital, Xiao Feng from HashKey Group, and Meitu founder Cai Wensheng.
Notably, these figures were among the first in China to back Ethereum after its 2015 launch. The trust has secured $200 million from Avenir and $500 million from investors
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