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LONDON - Vault Ventures Plc (AQSE:VULT) has purchased £750,000 worth of Ethereum and £150,000 worth of Bitcoin, according to a press release statement issued Thursday.
The London-based blockchain and fintech company acquired 403.373 Ethereum tokens at an average price of £1,810 per token and 1.85606 Bitcoin at an average price of £78,407 per Bitcoin.
Following these purchases, Vault’s treasury now holds 437.843 Ethereum tokens and 2.07606 Bitcoin.
Brian Stockbridge, Chair of Vault Ventures, noted that a "slight delay in the deployment of funds" occurred due to "slow UK banking system," prompting the company to establish "alternative professional banking arrangements" to prevent similar issues in the future.
The investment follows the recent completion of fundraising initiatives by the company, which describes itself as specializing in early-stage technology businesses primarily in the blockchain and fintech sectors.
Vault Ventures indicated that the cryptocurrency purchases are part of its treasury strategy, with Ethereum valued for "staking capabilities and expanding utility" while Bitcoin is maintained as a "hedge against inflation and currency depreciation."
The company stated that these digital assets will support its operating activities while positioning it to "benefit from the continued evolution of digital infrastructure."
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