Alibaba founder Jack Ma has shown interest in Ethereum again. His company, Yunfeng Financial, is backing a new Ethereum-based insurance project called Anthea Holding, Cointelegraph reported.
⚡ Insight: Alibaba founder’s company backs another Ethereum-based project, with South Korean whales accounting for 91% of the market.
Asia Express via Cointelegraph Magazine pic.twitter.com/2o4nEpJtBL
— Cointelegraph (@Cointelegraph) October 10, 2025
Bermuda-based Anthea has raised $22 million in Series A funding to develop life insurance products using Ethereum technology. The project aims to make insurance faster, cheaper, and more transparent by using blockchain. Yunfeng Financial led the funding round, demonstrating growing confidence in Ethereum’s potential beyond crypto trading.
From doubt to belief: Jack Ma’s changing perspective on cryptocurrencies
A few years ago, Jack Ma had doubts about Bitcoin and other digital currencies. He warned people to be careful and called Bitcoin a bubble. However, recent actions indicate that his views have changed.
Through Yunfeng Financial, Mr. Ma has been slowly investing in crypto-related companies outside China. The latest move to support an Ethereum-based insurance platform suggests that he sees blockchain as an important part of the future financial system.
The use of Ethereum in real-world finance is rapidly expanding. Yunfeng believes that by investing in Anthea, Ethereum will help connect traditional finance and the digital world. The report also indicates that Yunfeng recently purchased 10,000 ETH worth approximately $44 million to use as a strategic reserve for his blockchain project.
Korean whales control 91% of the market
While Chinese investors are exploring Ethereum projects, South Korea’s crypto market is showing a different trend. A new report from Cointelegraph reveals that South Korean crypto whales control 91% of the total trading volume on major exchanges.
This basically means that most crypto trading in South Korea is done by a small number of large investors and institutions. These whales have great control over market prices and liquidity. When buying or selling, prices can rise or fall very quickly.
This makes the market dangerous for small traders. Many retail investors say they struggle to compete or predict price movements in such a whale-driven market. Analysts believe this level of control could soon attract the attention of financial regulators.
What this means for the Asian crypto scene
These two stories demonstrate how rapidly the Asian crypto market is changing. On the one hand, major investors like Jack Ma are backing Ethereum projects aimed at building real-world financial tools. Meanwhile, the South Korean market shows how power can still be controlled by a small number of large companies.
Experts say the future of cryptocurrencies in Asia depends on finding a balance between innovation and fair market access. If projects like Anthea are successful, Ethereum could become a trusted platform for banks, insurance companies, and governments. However, the region also needs to work on market dominance to ensure the safety of small investors and ensure long-term stability.
In short, the history of cryptocurrencies in Asia is a combination of trust, transformation, and challenge. From Jack Ma’s newfound faith in Ethereum to the whale-driven Korean market, Asia’s role is rapidly increasing. The continent remains one of the most active and influential forces in the global cryptocurrency world.
