Dubai investors invested $10 million in Ethereum 2.0 staking

Dubai-based investment firm IBC Group transferred $10 million to the Ethereum 2.0 deposit contract. The TradeArabia portal reports.

IBC purchased 21,984 ETH through the Canadian institutional-grade staking service CanETH. This amount would be enough to run 687 validator nodes.

IBC Chairman Khurram Shroff said the company views the transition of Ethereum from the Proof-of-Work consensus mechanism to Proof-of-Stake positively.

“In the second iteration, a more environmentally friendly and efficient version is presented, which addresses the problem of low resilience due to the high energy consumption of the Proof-of-Work model,” he said.

Earlier, ForkLog reported that users had transferred 19% of the amount required to launch Ethereum 2.0 to the deposit contract.

As of publication, the address contains 101,536 ETH.

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