BANK OF CHINA'S ISSUES TOKENIZED SECURITIES ON THE ETHEREUM BLOCKCHAIN

The biggest bank in Russia, they have about 17,000 branches around the country. They are going to start allowing all other customers to buy and sell Bitcoin potentially a few other crypto assets within the next few weeks. That would be like if Bank of America, in fact, Bank of America or I think was JP Morgan Chase the biggest bank in the United States. I think they only have about 5,000 branches so this is three times as many branches. Huge Bank very big news and you can have lots of different opinions about the the state of modern Russia but to see such massive rollout of cryptocurrency services to regular people to be able to buy and sell cryptocurrencies is a very big story. Of course, we're seeing increased adoption of cryptocurrencies in Russia in response to the sanctions regime as a result of what's going on in Ukraine right now and that war going on there and Russia being cut out of the International Financial system. Not only have they allowed companies to start using cryptocurrencies to settle International transactions. they're also now increasing access dramatically for regular people to get cryptocurrencies.

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The fourth biggest bank in China, the Bank of China's BOCI issues tokenized Securities on the Ethereum blockchain in Hong Kong. So they issued about 28 million dollars of Securities on the Ethereum blockchain. It's big news because you have to realize this doesn't happen without Beijing's explicit approval. The Bank of China One of the biggest banks in the country got the green light from Beijing to put out 28 million dollars worth of Securities on the Ethereum blockchain. They chose Ethereum ethereum to do this, they didn't choose some kind of gated private Network sort of blockchain sort of thing. They didn't choose Solana and they didn't choose layer two or any of that stuff, they chose the Ethereum mainnet.

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The most secure and most used and most adopted layer one smart contract platform. I know the gas fees can be a bit rough but I'm sure the Bank of China's got the money to cover the smart contract fees. So I'm sure they got it but it's absolutely big news to see this kind of stuff happening in China now. That's happening with Beijing's approval again. The turn of the tide that we're seeing right now in China regarding crypto is massive. At the same time, we're seeing this big Crackdown in the USA, pushing crypto companies and the future of financial Innovation on the internet right into the waiting arms of China.

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