Leading blockchain finance company Ondo Finance has made a strategic move into the Asia Pacific region, marking its entry with the opening of its inaugural office in the area.
The expansion aims to strengthen Ondo Finance’s presence and offerings in the rapidly growing market.
Ondo Finance is introducing three tokenized products to its portfolio, catering to global investors seeking exposure to key US-based asset classes.
The offerings include OUSG, providing exposure to US Treasuries; OMMF, facilitating exposure to US money market funds; and USDY, presenting a yield-bearing alternative to traditional stablecoins.
Despite the positive developments, recent on-chain activity has raised concerns about Ondo’s native token, $ONDO.
Following a substantial 52.7% surge in a 24-hour period, scrutiny emerged when a wallet, reportedly affiliated with the project’s multisig, transferred 20 million $ONDO (equivalent to $5.9 million) to gate.io and KuCoin.
This wallet is believed to be associated with the project team, resulting in a 20% drop in the price of $ONDO over a three-hour period.
🚨A wallet that received 138M $ONDO from project multisig transferred 20M $ONDO ($5.9M) to #gate & #kucoin 3 hours ago.$ONDO price dropped 20% for the past 3 hours.
Team selling?
Address:https://t.co/OKcBfbKq6p pic.twitter.com/i0PFQnzpIs
— Scopescan (@0xScopescan) January 22, 2024
ONDO Price Action To Monitor
As of the latest update, Ondo’s price has experienced a 1% decline, settling at $0.259. However, trading volume has surged by 26% in the past 24 hours, reaching $193 million. Despite the recent dip, $ONDO has showcased resilience over the past seven days, with an impressive price increase of more than 82%.
🚨 JUST IN: #ONDO Finance $ONDO skyrockets by 82.17% within 7days to $0.3087 resulting to a new ATH after being listed on #Cryptocom, #MEXC and #HTX 🔥🚀
— CoinEcho (@mycoinecho) January 22, 2024
While Ondo Finance expands its footprint in the Asia Pacific region, the on-chain activity surrounding $ONDO emphasizes the potential impact of internal transactions on token prices. Investors are advised to remain vigilant and consider such factors amid the dynamic nature of the cryptocurrency market.
In summary, Ondo Finance’s strategic expansion into the Asia Pacific region aligns with its commitment to providing diverse tokenized products, despite the recent on-chain activity prompting a closer examination of $ONDO’s market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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