Dubai investment firm will use $ 10 million worth of ETH as its Ethereum 2.0 approach

With the launch of Ethereum 2.0 Genesis scheduled for December 1, 2020, Dubai-based boutique investment company IBC Group announced today that it will deploy around $ 10 million worth of Ether to mark the launch of the long-awaited ETH2 support.

According to the company, IBC would take over the fund Can ETH, a Canada-based staking service that helps users join Ethereum 2.0.

Khurram Shroff, CEO of IBC, expressed his enthusiasm for the “Proof of Stake” concept proposed by Ethereum 2.0. He noted that IBC’s decision to invest in Ethereum shows their confidence in the network’s transition.

“We are very excited about the ‘Proof of Stake’ concept that has been proposed for the Ethereum 2.0 smart contracts and are blocking 20,000 eth, which is a one-way trip up to phase 2. This lock shows our trust in ETH2 and our commitment to the beacon chain. ” he said.

A previous report revealed that the Ethereum 2.0 rollout would require a total of 16,384 validators to deploy 524,288 ETH, which is worth about $ 250 million at today’s price. IBC’s investment is worth around 21,984 ETH and is divided into three tranches, for 687 validators. Each validator must have 32 ETH. deploy

The ETH2 deposit address shows that only 101,568 ETH have been deposited which is only 20% of the total amount needed for ETH2 to go live. It is unclear whether IBC has already committed the said $ 10 million.

With only 14 days left, the Ethreum 2.0 won’t launch until the bullseye is hit. The network needs all the help it can get. And even Binance’s CEO Changpeng Zhao previously hinted that he could potentially use 32 ETH as well just to aid the network.

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