Healthcare technology company BioNexus Gene Lab has formally approved Ethereum (ETH) as its primary treasury asset, a Wednesday announcement read. The move marks a strategic shift in the company’s treasury management, making it the first Nasdaq-listed company to include ETH.
The company said that its board of directors has officially approved the ETH-focused treasury strategy. Further, BioNexus Gene Lab released its ETH Strategy Whitepaper, outlining the rationale behind this innovative approach.
Ethereum’s high liquidity, utility and stability compared to other digital assets, has come to the fore, said CEO Sam Tan.
“By integrating Ethereum into our corporate treasury, BioNexus Gene Lab Corp. is embracing the future of financial infrastructure.”
The Ethereum Treasury Strategy Whitepaper
BioNexus’s Ethereum Strategy Whitepaper, which is now available to the public, provides several insights. Some of it includes how crypto integration can facilitate reduced transaction costs, staking capabilities, and enhance investment returns.
The move is a significant trend in the biotechnology sector, where companies are increasingly looking to integrate cryptos as a method of retaining more liquidity.
The Whitepaper also highlights Ethereum’s role in stablecoin settlements and decentralized finance (DeFi), as well as its potential as a long-term corporate treasury asset.
Pro-Crypto Wyoming Shapes Bionexus’ Blockchain Venture
Besides the ETH treasury strategy, the company benefits from the state of Wyoming’s progressive blockchain laws. Bionexus is one of the few publicly-listed companies in the state.
The ‘Cowboy State’ has been attracting business from companies interested in blockchain, with its legal framework for digital asset custody and corporate governance.
Recently, the state announced the launch of a fully backed and compliant stablecoin as a stepping stone toward integrating blockchain into state financial operations, including the State Treasurer’s Office.
Further, the approval of the Wyoming Stable Token Act, offers a supportive environment for blockchain innovation.
“Wyoming’s regulatory leadership further validates our decision, as it fosters an environment where blockchain businesses can thrive,” CEO Tan noted.
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