Ethereum 2.0 Deposit Contract Stakes Cross 100,000 ETH as Dubai Firm Invests $10 Million

Ethereum bulls are busy pumping the network’s native cryptocurrency ETH as if there’s no tomorrow. So much so that the asset almost tested the $500 resistance today. But what’s even more interesting is the gradual progress on the staking front for Ethereum 2.0’s launch.

Depositors have already staked more than 100,000 ETH in the ETH2 deposit contract. Also, a Dubai based conglomerate is looking to support Ethereum 2.0’s launch by plugging in $10 million.

More Than 100,000 ETH Staked In Ethereum 2.0 Deposit Contract

As per the latest update on Ethereum 2.0, the upcoming upgrade to the original network has already secured a deposit of more than 100,000 ETH for its launch. This makes up roughly 20 percent of the 524,288 ETH target.

3170 depositors have staked the above ETH figure. The launch can happen only with 13,214 more depositors come in with their respective stakes. There are still 13 more days to go for the launch (scheduled on December 1). Amid this emergency to attain the staking target, a Dubai based conglomerate has pledged to support Ethereum 2.0’s launch with a generous investment.

Dubai Based IBC Group To Invest $10 Million

As per local reports, IBC Group, a Dubai-based conglomerate has come forward with an offer to invest $10 million to accelerate the launch of Ethereum 2.0. Rough napkin mathematics works out a staking figure of almost 20,000 ETH (considering the current ETH spot rates).

Commenting on the news, IBC Chairman, Khurram Shroff said:

We are very excited by the ‘Proof of Stake’ concept proposed for the Ethereum 2.0 smart contracts and are locking up 20,000 eth which is a one way trip till phase 2, this lockup shows our confidence in ETH2 and dedication to the beacon chain. The greener and more efficient version being introduced in the second iteration addresses the unsustainably high energy consumption required by the ‘proof of work’ model, making it even more attractive.

IBC Group will conduct the investment in a partnership with the Canada-based staking service CanETH. It is an institutional-grade staking service for holders of the Ether cryptocurrency and facilitates users participating in the Ethereum 2.0 launch.

To roughly mention the details of Shroff’s investment, his CanETH address will stake the said ETH in ‘three tranches’. All of them will add up to 21,984 units of ETH with a total of 687 validators. Speaking about the partnership with IBC and the ETH2 cause, Dwain Pereira, a Canadian crypto miner and co-founder of CanETH said:

The Proof of work Blockchain model uses more electricity than some countries. These exorbitant energy costs are eventually paid using fiat currencies, which creates a downward pressure on value of the cryptocurrency. So the Proof of Stake model will be both energy efficient and more lucrative for stakers.”

Will Ethereum 2.0 meet its deposit target by launch date? That still remains to be seen.

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Source: https://cryptopotato.com/ethereum-2-0-deposit-contract-stakes-cross-100000-eth-as-dubai-firm-invests-10-million/