Nikon

From sand to chip: how is a modern semiconductor made?

Reading time: approx. 10min

1) INTRODUCTION

Since 2023 at the latest and the rapid rise of Nvidia $NVDA (-3,98 %) semiconductors and "AI chips" in particular have been the talk of the town. Since then, investors have been chasing after almost every company that has something to do with the manufacture of chips, driving share prices to unimagined heights. However, hardly any investors really know how complex the value chain is within the production of modern chips.

In this article, I will give you an overview of the entire manufacturing process and the companies involved. Even if many of you have a vague idea that the production of modern chips is complex, you will certainly be surprised by how complex it really is in reality.

2) BASIC

The starting point for every chip are so-called wafers [1] - i.e. thin wafers, which usually consist of so-called high-purity monocrystalline silicon. In the field of power semiconductors, which primarily comprises chips for applications with higher currents and voltages, silicon carbide (SiC) or galium nitride (GaN) has recently also been used as the base material for the wafers.

In the so-called front end the actual core components of the chips - the so-called dies - are created and applied to the wafers. The dies are rectangular structures that contain the actual functionality of the later chip. The finished dies are then tested for their functionality and electrical properties. Each die that is found to be good is then integrated into the so-called backend where the individual dies are separated on the wafer. This is followed by the so-called packaging. The individual dies from the front end are then electrically contacted and integrated into a protective housing. In the end, this housing with the contacted die is what is usually called a chip chip.

Now that we have a rough overview of the overall process, let's take a closer look at the individual processes involved in producing the dies on the wafer. This is the area in which most highly complex machines are used and which is usually the most sensitive.

3) FROM SAND TO WAFER

Before wafers made of high-purity silicon can even be produced and the actual process for manufacturing dies can begin, the actual wafer must first be manufactured in almost perfect quality. To do this, quartz sand, which consists largely of silicon dioxide, is reduced with carbon at high temperatures. This produces so-called raw siliconwhich, with a purity of around 96%, is not yet anywhere near the quality required for the production of wafers.

In several chemical processes, which are carried out by Wacker Chemie
$WCH (+1,8 %) or Siltronic
$WAF (-0,39 %) are used to turn the "impure" silicon into so-called polycrystalline silicon with a purity of 99.9999999%. For every billion silicon atoms, there is then only one foreign atom in the silicon. However, this pure polycrystalline silicon is still not suitable for the production of wafers, as the crystal structure in the silicon is not uniform enough. In order to create the right crystal structure, the polycrystalline silicon is then melted again and a so-called ingotwhich is made from monocrystalline silicon is produced. A comparison between raw silicon and the ingot can be found in the following image [3]:

This ingot is then sawn into thin slices, which are then the final wafers for semiconductor production. The best-known wafer producers are Shin Etsu
$4063, (+3,53 %)
Siltronic or GlobalWafers
$6488.

4) FROM THE WAFER TO THE DIE

The wafers described in the previous section can now be used to produce dies. The overall process for producing dies basically consists of applying a large number of layers using various chemical, mechanical and physical processes. The overall process (depending on the product) takes approx. 80 different layers on the wafer, requiring almost 1000 different process steps and 3 months
non-stop production are required [4].

A macroscopic analogy is useful here, which I have also taken from [4]. You can compare the overall process for producing dies with baking a large multi-layer cake. This cake has 80 layers and the recipe for baking consists of 1000 steps. It takes 3 months to make the cake and if even one layer of the cake deviates from the recipe by more than 1%, the whole cake collapses and has to be thrown away.

In the first process steps, the wafer is covered with billions tiny little transistors are created on the wafer, which are then all individually electrically contacted in the following steps. The final steps consist of electrically connecting the transistors to each other, resulting in a complete electrical circuit [4]:

Each individual layer of the approximately 80 layers in the die requires highly specialized processes, which can be roughly summarized as:

• Applying masks: Photolithography, photoresist coating (applying photoresist)
• Apply material: Chemical Vapor Deposition (CVD), Physical Vapor Deposition (PVD), Atomic Layer Deposition
• Remove material: Plasma annealing, Wet annealing, Chemical Mechanical Planarization (CMP)
• Modify material: Ion Implanting, Annealing
• Material cleaning
• Inspecting the layers: Optical, Microscopical, Focused Ion Beam, Defect Inspection

Apply masks

Ultimately, a mask can be thought of as an enlarged copy of the structure of a special layer in the die. These so-called photomasks are then scanned using so-called scanners or steppers "copied" in reduced size onto the wafer. The best-known manufacturer of such lithography systems is ASML
$ASML (-1,72 %). It is currently the only producer of lithography systems that make it possible to produce structures smaller than 10 nanometers on the wafer. In today's powerful and modern chips, such as those found in smartphones, AI chips and processors, the smallest structures are around 3 nanometers in size. Other manufacturers of lithography systems for larger structures (10nm and larger) are Canon Electronics
$7739 or Nikon $7731 (-1,29 %) .

The photomasks - i.e. the enlarged "copies" of the structures - are produced by companies such as Toppan $7911 (-0,81 %) , Dai Nippon Printing
$7912 (+0 %) or Hoya $7741 (+0,79 %) manufactured. Systems for cleaning the photomasks or for applying the photoresist are produced, for example, by Suss Microtec
$SMHN (-0,84 %) for example.

Apply/remove/modify/clean material

As can be seen in the overview above, there are a variety of methods and processes for modifying the material of a particular layer. As a result, there is a lot of different equipment that can handle a process very well with incredible specialization. The best-known and most successful equipment manufacturers include Applied Materials $AMAT (-2,29 %), LAM Research
$LRCX (-1,46 %), Tokyo Electron (TEL)
$8035, (-1,1 %)
Suss Mictrotec, Entegris
$ENTG (-3,57 %) and Axcelis $ACLS (-2,66 %).

The material - for example, highly specialized chemicals - is of course also required for production. Companies such as Linde
$LIN (-1,61 %), Air Liquide
$AI (-1,12 %), Air Products
$APD (-0,76 %) and Nippon Sanso
$4091 (-0,07 %) are major manufacturers of process gases such as nitrogen, hydrogen and argon.

Inspect

As mentioned, every single layer in the manufacturing process of a die must be perfect in order to obtain a functional die at the end. Any small deviation or foreign particles can impair the functionality of the die. As the function of the die can only be checked precisely on the finished die, it is advantageous to inspect the individual layers for defects and deviations during production. Special machines are required for this, which must be able to do different things depending on the layer. Manufacturers of such machines include KLA
$KLAC (-1,78 %) or Onto Innovation
$ONTO (-2,27 %).

The following applies to almost all of the companies mentioned in this section: the companies are highly specialized and have quasi-monopolies on the machines for certain process steps. quasi-monopolies. Suitable equipment therefore usually costs several million dollars. In addition, some of the systems are so complex that they can only be serviced by the manufacturer's own service staff, which results in recurring service revenues for every machine sold. As a rule, each machine requires several highly specialized engineers to ensure long-term stable operation.

5) FROM THE DIE TO THE FINISHED CHIP

Once the wafer has been processed, the dies on the wafer are checked for functionality. There is highly specialized equipment for this, so-called probers. These probers test each individual chip several times, if necessary, to check the functionality implemented in the design. Manufacturers of such probers include Teradyne $TER (-2,96 %), Keysight Technologies
$KEYS (-1,37 %), Onto Innovation or Tokyo Electron. These probers have to control each individual die, some of which are only a few square millimetres in size, and contact the corresponding much smaller test structures with tiny needles. The testing process is sometimes outsourced to entire companies that offer die testing as a complete package. One example of such providers is Amkor Technology
$AMKR (-1,37 %).

The processed and tested wafer is now sawn to obtain individual dies. The dies that are found to be good are then integrated into a protective housing in the backend. The dies that have not passed the functionality test are either sorted out or (depending on the error pattern) processed as a variant with reduced functionality similar to those with full functionality. After a final functional test in the package, the chip is ready for use.

6) FOUNDRIES, FABLESS & SOFTWARE

Now that we have an overview of the complex process of manufacturing a chip, let's zoom out a little further to understand which companies perform which tasks in the semiconductor industry.

It's funny that not once in the manufacturing process has the name Nvidia $NVDA (-3,98 %) or Apple $AAPL (+0,18 %) has been mentioned? Yet they have the most advanced chips, don't they?

The pure production of the chips is done by other companies - so-called foundries. Companies like Nvidia and even AMD $AMD (-1,51 %) are in fact fablessThis means that they do not have their own production facilities but only supply the chip design and let the foundries manufacture the actual chip according to their design.

The design of a chip is like the blueprint for production - the foundries then take over the recipe creation and the actual production. There is special software for designing chips. Companies known for this software include Cadance Design
$CDNS (-2,11 %) and Synopsys $SNPS (-2,17 %). But also the industrial giant Siemens
$SIE (-1,18 %) now also supplies software for designing integrated circuits. Synopsys also offers other software for data analysis within foundry production.

Speaking of foundries; the best known foundry is probably TSMC
$TSM, (-2,41 %) which is the global market leader in foundries. TSMC designs itself no chips itself and specializes exclusively in the production of the most advanced generations of chips. Another major player that also masters the most advanced structure sizes is Samsung $005930. In contrast to TSMC manufactures Samsung also produces its own designs. Other large foundries are Global Foundries
$GFS, (-1,39 %) which was originally a spin-off from AMD and the Taiwanese company United Micro Electronics
$UMC. (+0,41 %)

The best-known fabless companies - i.e. companies without their own chip production - are Nvidia, Apple, AMD, ARM Holdings
$ARM, (-2,26 %)
Broadcom $AVGO (-1,65 %), MediaTek $2454 and Qualcomm $QCOM. (-2,26 %) In the meantime Alphabet $GOOGL, (-1,89 %)
Microsoft $MSFT, (-0,88 %)
Amazon $AMZN (-1,93 %) and Meta $META (-0,48 %) have designed their own chips for certain functionalities and then have them manufactured in foundries.

In addition to foundries and fabless companies, there are of course also hybrid models, i.e. companies that take on both production and design. The best-known examples of this are, of course, companies such as Intel
$INTC (+1,37 %) and Samsung. There is also a whole range of so-called Integrated Device Manufacturer (IDM)which for the most part only manufacture their own designed chips and do not accept customer orders for production. Well-known companies such as Texas Instruments
$TXN, (-2,22 %)
SK Hynix
$000660,
STMicroelectronics
$STMPA, (-1,77 %)
NXP Semiconductors
$NXPI, (-0,3 %)
Infineon $IFX (-1,54 %) and Renesas $6723 (-3,91 %) are among the IDMs.

FINAL WORD

The aim of this article was to provide an overview of the complexity of the semiconductor industry. I do not, of course no claim to be complete, as there are of course many other companies that are part of this value chain. As Getquin thrives on active exchange, I'll give you some food for thought to discuss in the comments below the article:

• feel free to link any other companies in the comments if you think I've forgotten any relevant ones
• what was the most surprising new information for you from the article?
• which companies from the article have you never heard of?
• before reading the article, did you know approximately how a modern chip is produced and what steps are necessary for this?

In general, I can recommend the 20-minute YouTube video at [4] to any interested reader. It provides an excellent animated overview of the manufacturing process of modern chips.

Stay tuned,

Yours Nico Uhlig (aka RealMichaelScott)

SOURCES:

[1] Wikipedia: https://de.wikipedia.org/wiki/Wafer

[2] https://www.halbleiter.org/waferherstellung/einkristall/

[3] https://solarmuseum.org/wp-content/uploads/2019/05/solarmuseum_org-07917.jpg

[4] Branch Education on YouTube: "How are Microchips Made?" https://youtu.be/dX9CGRZwD-w?si=xeV0TYgJ2iwNOKyO

ASML NV: The best technology company in Europe- The brains behind every smart chip

Introduction

ASML Holding N.V., a Dutch company based in Veldhoven, is the world's leading supplier of lithography systems for the semiconductor industry.

Historical development

The history of $ASML (-1,72 %) is characterized by impressive growth and equally remarkable resilience. The only $PHIA (+0,09 %) spin-off, after a steep upward trend, suffered a severe setback with the bursting of the dotcom bubble in 2001, but recovered in 2002. A strategically important step was the acquisition of BRION in 2007, which allowed ASML to significantly optimize its chip manufacturing process and essentially grow into what it is today.

Business model and core competencies

ASML's business model rests on three main pillars:

1. sale of machines

2. service and maintenance contracts

3. software solutions and upgrades for existing systems

The company's expertise centers on the development and manufacture of highly complex lithography systems, in particular extreme ultraviolet lithography (EUV), which is considered the technological heart of modern semiconductor production.

Market position and competition

ASML holds a dominant market position and controls an estimated 80 to 90 percent of the global market for lithography systems. This strong position gives the company a significant influence on the technological development of the entire semiconductor industry.

The remaining 10 to 20 percent of the market is accounted for by the $7731 (-1,29 %) and $7751 (+1,78 %) which are considered ASML's main competitors in the field of lithography systems. However, both companies have lost considerable market share in recent years and currently pose no serious threat to ASML's dominant position. Indirect competition $AMAT (-2,29 %) are occasionally mentioned as potential competitors, but their business models do not directly overlap with ASML's and therefore do not represent direct competition.

Future prospects and strategic initiatives

Innovation remains the key to success for ASML. The company is committed to the continuous development of EUV technology, which is crucial for the production of ever more powerful and smaller chips. Special attention is paid to promoting technological breakthroughs that will set new standards for the industry. To achieve this, ASML is represented with its own sites in all major markets - including the Netherlands, China, Taiwan, Germany, the USA and Japan.

Total Addressable Market (TAM)

The total addressable market for ASML is enormous, as the company counts almost all major chip manufacturers worldwide among its customers. In view of advancing digitalization and the growing demand for advanced semiconductors in various industries, the market potential for ASML is likely to increase further in the coming years.

Share performance

With a market capitalization of 267.92 billion euros, ASML is currently the most valuable technology company in Europe and one of the ten most important players in the industry worldwide. Since the spin-off from Philips and the IPO on April 17, 1995, the share has achieved an impressive return of 63,670.29% - a development that Philips could certainly have used. In the last three years, however, ASML has recorded a total return of -3.32% and has thus clearly lagged behind the general market trend.

For the development (company figures), a better view and more, check out the free blog : https://topicswithhead.beehiiv.com/p/asml-nv-das-beste-technologie-unternehmen-europas-der-kopf-hinter-jedem-chip

Conclusion

ASML is an outstanding company, the likes of which we rarely see in Europe. With a strong growth trend, an almost monopolistic market position and excellent margins, the company is rightly where it is today. ASML has clearly left the competition behind and continues to invest around 15% of its turnover in research and development to secure this position. ASML is also strengthening its own supply chain through targeted investments in companies that offer strategic security advantages. One example of this is Carl Zeiss SMT GmbH, which is unfortunately not listed on the stock exchange.

Despite all these strengths, one should also be cautious: The China risk is considerable, as ambitious "copycats" are striving to build their own "ASML". Nevertheless, it is an excellent company that is worth investing in - but you should not get carried away by the hype. In my opinion, an entry should only be made at prices of up to EUR 700 or preferably in the EUR 580 to 650 range. Anyone who sees these prices should think carefully about why they should not buy in.

#börsengehandelteralltag

Moin,

since I was kindly invited by @GoDividend to publish my professional everyday life and to pay attention to the listed companies I meet, I would like to comply immediately. :D

Already early in the morning at 6 o'clock rings my smartphone alarm clock (Xiaomi $1810 (-1,15 %)). I torture myself amazingly straight out of bed, which would have been unthinkable in the past. Since at least 3 alarm clocks rang every 10 minutes before I got up. Well, I blame it on age.

If I stay in bed longer, there's no breakfast and no lunch at work. So I quickly go to the bathroom, where I then do the classics like $PG (-0,23 %) and $ULVR (+0,54 %) or also $CL (-3,47 %) encounter. There's not much time left, because I have to quickly make breakfast or at least lunch before I leave.

Depending upon Gusto I decide in the morning with the Seat ($VOW3 (-0,42 %) ) or $F (-0,48 %) to the train station. How does it say nevertheless so beautifully? With $F (-0,48 %) away and with the train back. So off to the station and then with the Deutsche Bahn ($FCKU) off to Frankfurt.

The train ride is always very adventurous and at least 8 out of 10 trips are delayed. I could fill whole books with the stories. But that wouldn't be so bad if you weren't in the net desert Germany, where not even the $DTE (-1,63 %) has reception.

So, three hours later, I arrive in Frankfurt and walk to my employer, a listed Asian bank, which does not want to be named here out of shyness.

The first thing to do there is of course to install the PCs ($HPQ (-0,51 %) and Fujitsu $6702 (+1,73 %) ) have to be booted up. Otherwise nothing works.

The operating system is $MSFT (-0,88 %) and there is hardly anything else needed. Except coffee, of course.

Well, so completely without $GOOGL (-1,89 %) of course and also $AMZN (-1,93 %) accompanies me with music streaming through the day. But will probably soon to $SPOT (-3,14 %) because Amazon thinks they have to screw their customers (at this point $FCKU2).

If not just the phone from $CSCO (-0,42 %) rings, it stays pretty quiet otherwise. Thank God I have no direct customer contact.

In the evening, of course, I go back to the station and, with a joyful glance in the direction of $MCD (-0,61 %) and the long line of customers, I'm pretty sure that this company will be in my portfolio for a long time to come. And even though I would never support the outrageous extortionate prices of $SBUX (-0,04 %) would never support them by a purchase on my part, I'm happy to see everyone with a cup in their hand somehow helping my passive income.

In the evening it goes with the wife comfortably on the couch. If there's no sports on (and there's always something on), we watch a movie from $DIS (-0,56 %) or $AMZN (-1,93 %) or. $NFLX (-0,17 %) There's no such thing with us. At some point, I have to put an end to all the subscriptions.

Sometimes I still edit a few of my pictures on my laptop $LNVGY (+2,65 %) I took with my Nikon on my laptop $7731 (-1,29 %) and then it's off to bed again.

I nominate times @Kundenservice and no one else.

Companies traded on the stock exchange in everyday professional life

Since I am @Simpson nominated, I now grant an insight into listed companies in my daily professional life.

Briefly about me: I am a mathematician and work in the semiconductor industry in a listed company.

Starting with the software: pretty much all computers in the office run Windows and Office from $MSFT (-0,88 %). The PC's and the monitors themselves are all from $HPQ (-0,51 %) with keyboard and mouse from $LOGN (+0,25 %). The telephone system is WebEx from $CSCO (-0,42 %) and the work phones are from $AAPL (+0,18 %) with $DTE (-1,63 %) contract (and that although next door $VOD (+1,2 %) sits). In addition, there are large monitors in each conference room from $DELL (-1,03 %).

In the production of the semiconductors itself there are of course many machines from $ASML (-1,72 %), $CAJ (+1,49 %) and $7731 (-1,29 %). The many industrial gases needed come from $LIN , $AI (-1,12 %) and $4091 (-0,07 %). The basic material and chemicals come among others also from $WCH (+1,8 %) and $BAS (+0,93 %).

The purchasers of the finished chips then include, for example. $VOW3 (-0,42 %) , $BMW (+0,1 %) , $MBG (+0,5 %) and $TM (+2,72 %). But also $V (+0,03 %), $AAPL (+0,18 %) and $SMSD (-0,63 %) are customers.

I have certainly forgotten a lot, but as an insight it should be enough I think.

I nominate @DonkeyInvestor , @GoDividend and @Divmann (sorry if someone has already been nominated, I don't have an overview anymore).

#boersengehandelteralltag

𝗠𝗮𝗿𝗸𝗲𝘁 𝗡𝗲𝘄𝘀 🗞️

𝗙𝗲𝗱 𝘄𝗶𝗲 𝗲𝗿𝘄𝗮𝗿𝘁𝗲𝘁 / 𝗣𝗮𝗸𝗲𝘁𝗲 𝘀𝗶𝗻𝗱 𝗴𝗲𝗳𝗿𝗮𝗴𝘁 / 𝗣𝗵𝗮𝗿𝗺𝗮𝗿𝗶𝗲𝘀𝗲𝗻 / 𝗞𝗿𝘆𝗽𝘁𝗼𝗵𝗮𝗻𝗱𝗲𝗹 𝗶𝗻 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗲𝗻

𝗜𝗣𝗢𝘀 🔔

Veganz - The Berlin-based company has now revealed the official issue price of €87 for its IPO on November 10. This results in gross issue proceeds of €47.6 million.

𝗘𝘅-𝗗𝗮𝘁𝗲𝘀 📅

As of today, América Móvil ($MV9L), Bank Of Princeton ($BPRN), Columbus McKinnon Corp. ($VC3 (-0,76 %)), CMS Energy ($CSG (-0,39 %)), Dana Corp. ($4DH (-3,04 %)), First Commonwealth Bank ($FCF (+0 %)), FirstEngergy ($FE7 (-0,27 %)), Howmet Aerospace ($48Z (-1,16 %)), Idacorp ($IDJ (+0 %)), Intel ($INL (+1,37 %)), J. B. Hunt ($JB1 (-0,13 %)), Lamb Weston Holdings ($0L5 (-2,31 %)), National Western Life ($NWLI) and Warrior Met Coal ($WJ4 (-1,39 %)) traded ex-dividend.

𝗤𝘂𝗮𝗿𝘁𝗮𝗹𝘀𝘇𝗮𝗵𝗹𝗲𝗻 📈

Today, among others, Alibaba Group ($2RR (-2,24 %)), Barrick Gold ($ABR (+0,05 %)), Citrix ($CTX), Commerzbank ($CBK (+0,48 %)), Credit Suisse ($CSX), Deutsche Post AG ($DPW (+0,46 %)), Elmos Semiconductor ($ELG (-0,51 %)), Evonik ($EVK (+0,23 %)), Expedia ($E3X1 (-0,54 %)), Freenet ($FNTN (+1,35 %)), Fujifilm ($FJI (+1,76 %)), Hannover Re ($HNR1 (-2,27 %)), HeidelbergCement ($HEI (-0,43 %)), Hugo Boss ($BOSS (+2,65 %)), ING ($INN1 (+0,6 %)), Kellogg Company ($KEL (-0,65 %)), Lanxess ($LXS (+3,49 %)), Mitsubishi Motors ($MMO (+1,31 %)), Moderna ($0QF (+0,11 %)), Monster Beverage ($MOB (-1,01 %)), Motorola Solutions ($MTLA (-0,34 %)), Nikon ($NKN (-1,29 %)), Peloton ($2ON (+2,11 %)), Pfeiffer Vacuum ($PFV (+0,26 %)), ProSiebenSat.1 Media ($PSM (+0,7 %)), RTL Group ($RRTL (+0,84 %)), Siemens Healthineers ($SHL (+0,42 %)), Toyota ($TOM (+2,77 %)) and Vonovia ($VNA (-2,02 %)) presented their figures.

𝗠𝗮𝗿𝗸𝗲𝘁𝘀 🏛️

Fed - As expected, the Federal Reserve decided to reduce its bond purchases. Instead of the previous $120 billion per month, only $105 billion will be invested in the purchase of government bonds and mortgage-backed securities starting in mid-November. Further cuts are planned from December.

Now all eyes are on possible interest rate hikes, but the ECB considers an increase in the key interest rate next year unlikely. Similarly, Deutsche Bank does not expect interest rates in the USA to be adjusted before December 2022.

Deutsche Post ($DPW (+0,46 %)) - Deutsche Post stock has been on the upswing lately and it is one of the best performers of the day. The paper was able to improve by 2.8 percent and was at EUR 57.35 in the meantime. An average price target of EUR 64.72 is targeted. Analysts expect earnings of EUR four per share for 2022.

Roche ($RHO5 (+1,56 %)) / Novartis ($NOT (+1,38 %)) - In order to achieve full strategic independence, pharmaceutical giant Roche has repurchased from a competitor Novartis its Roche shares for 19 billion Swiss francs. It was agreed to buy back 53.3 million shares at a price of 356.9341 Swiss francs. Christoph Franz said that he is convinced that this planned transaction is in the best interest of Roche and its shareholders from a strategic and economic point of view.

𝗖𝗿𝘆𝗽𝘁𝗼 💎

Commonwealth Bank ($CWW (-2,17 %)) - Australia's largest bank stated over the past day that they are working on making Bitcoin and other cryptocurrencies tradable for their customers in the coming weeks. Furthermore, they elaborated that they also want to offer it to their customers to store the cryptocurrencies for them. Initially, only Bitcoin ($BTC-EUR (-0,79 %)), Bitcoin Cash ($BCH-EUR (-1,13 %)), Ethereum ($ETH-USD (-2,24 %)) and Litecoin ($LTC-EUR (-1,84 %)) will be available. The implementation will take place in collaboration with Gemini, a U.S.-based company specializing in the safekeeping of crypto assets. Commonwealth Bank is by far the largest financial institution on the continent, with total assets of $688.4 billion, so this news is a big step for the crypto industry.

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