Ether Capital, a Canada-based corporation, has proved that it is determined to support the Ethereum network in developing the ecosystem for Web3. Its portfolio currently has 44,061 ETH staked into the network. The future plan is to stake additional 30,000 ETH.
Apart from investing, Ether Capital also aims to strengthen the security of the network as it migrates from Proof of Word Consensus to Proof of Stake Consensus.
Ether Capital Pumps $38 Million More In the Ethereum Network
Ether Capital was the first publicly-traded company to come out in the open to allocate millions into Ethereum staking. The corporation has been determined to support the network in developing a Web3 ecosystem.
It has, therefore, allocated $38 million more into the network. The amount comes equal to 10,240 ETH, taking the total stake at $59 million to Ethereum 2.0 staking. The effect has been obvious in the future price estimates of ETH. It is currently at $3,021.86, and experts estimate the value to go up to $7,500 by the end of the year. Find more information here about the future of ETH.
The corporation is doubling its bet on the network. The same is obvious from its commitment to allocate additional 30,000 ETH in the near future.
It will achieve the current and future allocation of ETH to Ethereum 2.0 staking through various strategies. Partnering with Figment is one such strategy, based on which it plans to build and run its own validator infrastructure.
Partnership with Figment goes on to prove that Ether Capital is not just willing to vest its interest into the network through financials but also through security. Both financials and security measures will line up during the phase when the Ethereum network migrates from Proof of Work consensus to Proof of Stake consensus.
Another measure that will be followed by Ether Capital to fulfill its commitment is by turning 766 MarkerDAO tokens (MKR) into gross proceeds. Anyone who holds the token becomes a co-equal stakeholder in the MarkerDAO system.
Funds generated by turning MarkerDAO tokens into gross proceeds will be used for general corporate purposes. This includes the purchase of shares or increasing their ETH balance.
Brian Mossoff, the Chief Executive Officer of Ether Capital, recently appeared in an interview. He emphasized the company’s commitment to supporting the development of the Web3 ecosystem on the Ethereum network.
He said that Ether Capital was firmly committed to the strategy of being an accumulator of Ether. He added that the company was on the path of staking the majority of Ethereum balance in the coming months.
Brain Mossoff also stated that Ether Capital was proud to offer validation and security to the Ethereum network during its course of transition from Proof of Work consensus to Proof of Stake consensus.
He added that although the trend was inclining more towards Bitcoin right now. However, innovations like DeFi and NFT have brought a lot of attention to the institutions, with young minds finding Ethereum an attractive cryptocurrency.
It is a sign, he highlighted, that traders are now noticing the capacity of the Ethereum network. ETH staking, then will eventually see more interest from the public.
Eth Rewards Bot revealed three vital pieces of information. It posted on Twitter, sharing that the annual reward rate for staking Ethereum was 5% while the participation rate was 97.44% and active validators were more than 200,000.