Dubai Investment Firm to Stake $10M Worth of ETH as Ethereum 2.0 Approaches
With Ethereum 2.0 Genesis launch scheduled for December 1, 2020, Dubai-based boutique investment company IBC Group revealed today that it will stake around $10 million worth of ether to support the launch of the long-awaited ETH2.
According to the company, IBC would invest the fund via CanETH, a Canada-based staking service that helps users to participate in Ethereum 2.0.
Khurram Shroff, Chairman of IBC’s Board, expressed his excitement on the “Proof of Stake” concept proposed by Ethereum 2.0. He noted IBC’s decision to invest in Ethereum shows their confidence in the network’s transition.
“We are very excited by the ‘Proof of Stake’ concept proposed for the Ethereum 2.0 smart contracts and are locking up 20,000 eth which is a one way trip till phase 2, this lockup shows our confidence in ETH2 and dedication to the beacon chain,” he said.
An earlier report revealed the Ethereum 2.0 launch requires a total of 16,384 validators to stake 524,288 ETH, which is worth about $250 million as of today’s price. IBC’s investment is worth around 21,984 ETH and will be staked in three tranches, for 687 validators. Each validator is required to stake 32 ETH
The ETH2 deposit address shows that only 101,568 ETH has been deposited, which is just 20% of the total amount required for ETH2 to go live. It is unclear if IBC has already committed the said $10 million.
With just 14 days left, the Ethreum 2.0 will not launch until the bullseye is hit. The network needs all the help it can get. And even Binance CEO, Changpeng Zhao, hinted earlier that he might also stake 32 ETh just to support the network.
Affiliate: Get a Ledger Nano X device for $119 so hackers won't steal your crypto.
Follow us on Twitter, Facebook, and Telegram to receive timely updates. Subscribe to our weekly Newsletter.