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Cryptocurrencies

Ethereum merge: Crypto players raise stakes amid blockchain shift

Digital token services in Asia hunt for fresh opportunities, but risks remain

Ethereum is transitioning from mining to a proof-of-stake model, a move that is hoped will shore up interest in digital assets while decreasing energy usage.   © AP

SINGAPORE -- Cryptocurrency players are hoping a long-awaited overhaul of Ethereum and its digital coin ether will revive investor appetite for virtual assets amid a global plunge in prices.

Ethereum on Thursday completed its transition from mining to a proof-of-stake model in which an owner pledges his or her own digital tokens as collateral to validate a transaction on the blockchain. This shift will slash energy use by up to 99.95%, according to the Ethereum Foundation, a nonprofit group supporting the blockchain.

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