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Dubai-based investment company to invest $10 million in ETH2 staking

Dubai-based investment company to invest $10 million in ETH2 staking

Dubai-based IBC Group has announced that it will participate in the launch of Ethereum 2.0 by investing $10 million worth of ETH in a deposit contract for Ethereum 2.0 staking.

To deposit coins, IBC Group will use the services of the Canadian staking service CanETH. Within the three tranches, 21,984 ETH will be transferred for staking.

“We really like the concept of switching to the Proof-of-Stake algorithm in Ethereum 2.0, so we are blocking 20,000 ETH until the launch of the second phase of the transition. This shows our confidence in ETH2, ” said IBC Group Chairman Khurram Shroff.

The transition to Ethereum 2.0 and the PoS algorithm attracts his company by significantly reducing the energy consumption for network operation.

Recall that the launch of the first phase of Ethereum 2.0 is scheduled for December 1, along with the launch of the Beacon Chain. At the same time, 524,288 ETH must be blocked on the deposit address. So far, only 101,216 ETH has been blocked on the address.

Earlier, the non-profit organization Ethereum Foundation announced that it will sponsor projects that participate in the ETH2 staking system.