As a seasoned crypto investor, I find ICBC’s comparison of Ethereum to “digital oil” an intriguing and insightful perspective. Ethereum’s role in supporting smart contracts and Decentralized Applications (DApps) sets it apart from Bitcoin, which is often compared to gold due to its scarcity.
ICBC, the globe’s biggest bank with a substantial presence, has labeled Ethereum (ETH), the cryptocurrency ranking second in terms of market value, as “digital oil.”
ETH Supports Smart Contracts and DApps
As a crypto investor, I’ve witnessed firsthand the remarkable progress and growth of Ethereum and Bitcoin (BTC) over the years. In fact, one of the top financial institutions has praised our beloved digital assets for their impressive strides. They even drew an intriguing comparison between BTC and gold.
Following this, ICBC referred to Ethereum as the “digital equivalent of crude oil,” emphasizing its significant function in fostering various Web3.0 advancements such as the creation of stablecoins.
ICBC noted that Ethereum has consistently enhanced its technology in the areas of security, scalability, and sustainability, paving the way for a robust technological foundation in the digital realm. Furthermore, the emergence and maturation of stablecoins serve as a link between the digital currency sector and the real world.
The bank recognizes that Ethereum is distinguished by its programming language, Solidity. However, ICBC emphasizes the network’s role in fostering developers. According to the bank’s announcement, Ethereum enables developers to create intricate smart contracts and Decentralized Applications (DApps). ICBC holds Ethereum in high regard due to its pivotal position in innovative sectors such as Non-fungible Tokens (NFTs) and Decentralized Finance (DeFi).
Additionally, the leading Chinese bank believes that this attitude is gradually influencing the development of the country’s physical infrastructure.
Community Awaits Final Approval For spot Ethereum ETF
ICBC endorses an altcoin as the crypto community anxiously awaits SEC approval for Ethereum ETFs. The SEC has asked all Ethereum ETF applicants to resubmit their S-1 registrations with amendments and updates.
Last week, SEC Chairman Gary Gensler indicated that the approval process for an Ethereum ETF may be lengthy. He explicitly stated that “the review and approval of the required S-1 forms will take some duration.”
As a researcher studying the Securities and Exchange Commission (SEC) filing process, I’ve observed that following the submission of S-1 applications, the commission provides its initial feedback to filers. This feedback often leads to further adjustments from applicants. Insiders familiar with this procedure mentioned that this back-and-forth exchange could last for several weeks, with anticipated SEC feedback arriving within the current week.
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2024-06-11 23:36