A Dubai-based investment company made a move to support the Ethereum 2.0 launch, which was previously announced to take place on December 1. The investment company invested $ 10 million worth of ETH in the network.
IBC Group, a boutique investment firm based in Dubai, announced that it will stake $ 10 million worth of ETH to support the Ethereum 2.0 launch. The company collaborated with Canada-based staking service CanETH for the venture. IBCi will purchase a total of 21,984 ETH in three runs.
Khurram Shroff, chairman of the IBC’s board, stated that the company is very excited for Ethereum 2.0. Shroff said the initiative is an indication of their trust in Ethereum 2.0 and their commitment to Beacon Chain.
December 1st launch is shaking
The date given for the Ethereum network to switch Beacon Chain from the proof of work (PoW) algorithm to the proof of ownership (PoS) algorithm was December 1, 2020. However, the fact that only 101,536 of the 524,288 ETH, which is required to be staked in order to implement this transition, are currently being deposited, fueled speculation that the date could be delayed. If the targeted number cannot be achieved after less than 2 weeks to December 1, the launch may be delayed for another spring.
According to many names from the market, the launch of ETH2 may remain until the first quarter of 2021. In addition, experts discuss many reasons why ETH investors do not start staking activities. Some ETH investors want to stake their Ethereums and secure themselves when the proof of ownership system is fully implemented. According to the allegations, another segment is currently waiting for the last days to stake their ETH in applications such as lending or yield farming with Ethereum so that their revenues are not affected.