Hong Kong-listed diagnostic company, IVD Medical, stores Ethereum in its treasury and collaborates with cryptocurrency exchange, HashKey Exchange.
IVD Medical, a leading medical diagnostics provider in China, is making bold moves into the world of Web3 technology. The company, also known as Huajian Healthcare, has announced a series of ambitious plans that include the launch of an exchange focused on trading tokenised real-world assets (RWAs) and the pursuit of a stablecoin license in various regions.
In a significant step, IVD Medical will increase its Ethereum (ETH) reserves through regular and quantitative purchases using multiple funding sources. The company recently purchased 5,190 ETH for HK$149 million (~$19M) on 9 August, demonstrating its commitment to this venture. If successful, IVD could serve as a model for mainland Chinese companies experimenting with Web3 technologies outside of China.
One of IVD's future plans is the launch of ivd.xyz, an exchange designed to address challenges in medical and pharmaceutical research, including low financing efficiency and asset liquidity. The exchange aims to facilitate the trading of RWAs, potentially revolutionising the way these industries operate.
IVD Medical also intends to apply for a stablecoin issuer license in Hong Kong. If approved, the company plans to launch a stablecoin called IVDD. This move could further solidify IVD's position in the Web3 space and potentially open up new opportunities for collaboration and partnership.
In addition to its Web3 initiatives, IVD Medical is also pursuing a primary listing on the NASDAQ through a proposed initial public offering of its American Depositary Shares (ADS). The company's partnership with HashKey, a digital asset manager, aims to advance enterprise-level digital asset adoption and explore new models for integrating blockchain with industrial capital.
IVD Medical's established pharmaceutical commercialization network, comprising 351 direct customers, 1,253 distributors, and 1,674 Class III hospitals in China, could provide a strong foundation for the success of ivd.xyz. Class III hospitals in China are typically large, comprehensive facilities often affiliated with universities.
The company's stock price has more than tripled since 14 July, reflecting investors' confidence in IVD's Web3 ventures. IVD Medical aims to become the leading public company in Hong Kong in terms of ETH reserves, signalling its ambition to lead in this new technological frontier.
IVD Medical has also initiated a stablecoin license application under the GENIUS Act in the U.S. A wholly-owned subsidiary of IVD Medical has been incorporated in the U.S. to oversee and implement ivd.xyz's strategy there. Future plans for IVD Medical include relevant license applications in places like Singapore and Europe, further expanding its global reach.
As IVD Medical ventures into the world of Web3, it is poised to disrupt traditional industries and pave the way for other Chinese companies to follow suit. The launch of ivd.xyz and the pursuit of a stablecoin license are just the beginning of IVD's Web3 journey, promising exciting times ahead for this leading medical diagnostics provider.
