Dubai investment company to stake $ 10 million in ETH

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Dubai-based IBC Group will stake $ 10 million worth of ETH for Ethereum 2.0.

IBC Group, a Dubai-based investment firm, is staking $ 10 million in ETH.

Collaborating with Canada-based CanETH, which provides staking services, IBC Group will stake 21,984 ETH in three tranches for 687 validators.

Khurram Shroff, chairman of the IBC board, said the company is very excited for ETH 2.0.

As it is known, the Ethereum network is preparing for the transition from the proof-of-work system, which has been used for years and is currently valid, to the proof-of-stake system. The full transition to Ethereum 2.0 will be completed in a few years, but staking is already underway. As of December 1, 2020, ETH holders will be able to receive ETH rewards by locking their ETH into the system, as IBC Group did.

Shroff stated that the decision they made showed their trust in ETH 2.0 and their commitment to the beacon chain.

Staking in Ethereum will be launched on December 1, if at least 524 thousand 288 ETH was deposited into the contract a week ago. So far, 101 thousand 216 ETH has been invested in the contract.

ETH finds buyers at $ 480 as of the date of publication of the news at 15.10.

See Also
Latest Information on Ethereum (ETH) 2.0 Update Shared

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