24/7 Cryptocurrency News

Why The World’s Largest Bank Called Ethereum (ETH) Digital Oil

The world's largest bank ICBC has labeled Ethereum (ETH) a digital oil in what is the biggest endorsement for the coin from China
Published by
Why The World’s Largest Bank Called Ethereum (ETH) Digital Oil

Highlights

  • Ethereum is considered a digital oil by the world's largest bank ICBC
  • The protocol's development to support different smart contracts has earned it the title
  • Ethereum growth is currently on track to be amplified with ETF trading

The world’s largest bank, the Industrial and Commercial Bank of China (ICBC) recently tagged Ethereum (ETH), the second largest cryptocurrency by market capitalization “digital oil.”

Advertisement

ETH Supports Smart Contracts and DApps

The top financial institution commended the growth and advancement that both Ethereum and Bitcoin (BTC) has registered over the years. It compared BTC to gold, citing that it “retains the scarcity similar to gold through mathematical consensus while solving [gold’s] problem of being difficult to divide, difficult to identify authenticity, and inconvenient to carry.”

Next, ICBC named Ethereum as digital oil, citing its crucial role in serving as a strong support to numerous Web3.0 innovations including the launch of stablecoins.

“Ethereum has been continuously upgrading its technology in terms of security, scalability and sustainability, providing technical power for the digital future. In addition, the introduction and development of stablecoins provide a bridge for the digital currency market to connect to the real world,” ICBC highlighted.

The bank acknowledged the fact that Ethereum has its programming language known as Solidity but more importantly, ICBC highlighted how the network supports developers. Per the bank’s published statement, ETH allows developers to deploy complex smart contracts as well as Decentralized Applications (DApps). ICBC believes strongly that this has made Ethereum the mainstay in inventive new fields like Non-fungible Tokens (NFTs) and Decentralized Finance (DeFi)

Furthermore, the top China-based bank sees this sentiment transcending gradually to the physical infrastructure network.

Advertisement

Community Awaits Final Approval For spot Ethereum ETF 

ICBC’s endorsement for the altcoin comes while the crypto industry is waiting for the United States Securities and Exchange Commission (SEC) to finally approve spot Ethereum ETF trading. The regulator has requested the submission of amended and updated S-1 registration from all Ethereum ETF applicants.

Last week, Gary Gensler, the SEC Chairman hinted at the possibility of a slow process for the final spot Ethereum ETF trading approval. In his words, the approval of the necessary S-1 forms “will take some time.”

It is worthy of note that after the submission of the S-1 applications, the Commission would provide filers with its first feedback which will in turn prompt more changes to be made. Some sources familiar with the process noted that this iterative process may take several weeks with expectation of some SEC feedback this week.

Read More: Shiba Inu Investors Move 4.29 Trillion SHIB to Coinbase; What’s Next?

Advertisement

Share
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Coinbase Joins Ripple and Circle In Applying For National Banking License

Crypto exchange Coinbase has applied for a national trust charter, joining the likes of Ripple,…

October 4, 2025
  • 24/7 Cryptocurrency News

USDT Issuer Tether Eyes $200M Raise To Launch Tokenized Gold Treasury Company

Tether Holdings, the company behind the world’s largest stablecoin USDT, is preparing to raise at…

October 4, 2025
  • 24/7 Cryptocurrency News

REX-Osprey Files For ADA, HYPE, XLM, SUI ETFs as Crypto ETF Frenzy Heats Up

REX Shares and Osprey Funds have filed for 21 single-asset crypto exchange-traded funds (ETFs) with…

October 4, 2025
  • Cryptocurrency Exchange Reviews

ChangeNOW’s Quiet Power Play in Helping Crypto Businesses

When most people think of crypto platforms, their minds jump to consumer-facing exchanges with bold…

October 3, 2025
  • Bitcoin News

Standard Chartered Sees Bitcoin Soaring to $200,000 by Year-End on ETF Boom

Standard Chartered believes Bitcoin (BTC) could reach a record high by the end of 2025.…

October 3, 2025
  • Bitcoin News

Walmart’s OnePay App to add Bitcoin and Ethereum trading

Walmart's OnePay App is the latest company to jump on the crypto wave, with plans…

October 3, 2025