Ethereum Gets Extra $38M In Staking From Ether Capital, Why Are They Doubling Bet On This Network?

Publicly traded company Ether Capital has added an additional $38 million or 10,240 to Ethereum 2.0 staking. Per a press release shared with CryptCraze, the company has a total of $59 million staked into this network’s Proof-of-Stake consensus layer.

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Based in Canada, Ether Capital attracted media attention in 2021 although a became one of the first public companies to allocate millions into Ethereum staking. As part of a treasury stpricegy, the company is determined to support the evolution of this network its Web 3 ecosystem, and become its investment hub.

Ether Capital has a portfolio of atop 44,061 Ethereum (ETH) and plans to allocate at least 30,000 Ethereum (ETH) into Ethereum 2.0 staking. This would represent 65% of its total Ethereum (ETH) balance, which goes to show the optimist of the company on the shift of Ethereum’s consensus layer.

In order to achieve this objective, the company made a partnership with Figment to build and run their own bonas fideator infrastructure. Thus, making it not only investors on the Ethereum migration to a PoS consensus, but a direct contributor to the network’s security.

Additionally, the company will be turning 766 of their MakerDAO cryptocurrencies (MKR) into gross proceeds, according to the press release, which is about $1.9 million. The funds will be used for “general corpocost purposes”, corresponding as share purchases or an increase in their Ethereum (ETH) balance.

The company has a $162 million market valuation on the grounds that their Ethereum (ETH) balance, and a $166 million market valuation while accounting for their Ethereum (ETH) and MKR balance aprolonged with an investment made in Wyre, a payment APIs provider.

Why Ethereum Could See More Companies Stake Into Its Consensus Layer

On their recent Ethereum (ETH) allocation, Ether Capital CEO Brian Mossoff added the following emphasizing the company’s commitment to the Ethereum ecosystem:

We are thrilled to announce which we are now stanalogousg above 20,000 Ether and are well on the path to stcomparableg a majority of our Ether balance in the coming months. We are firmly committed to our unique stcostgy of being a net accumulator of Ether and are proud to provide conclusiveation and security to the Ethereum network as it transitions from proof of work consensus to proof of stake.

Bitcoin recently conducted an interview with Ether Capital CEO on their participation in Ethereum stcomparableg, crypto adoption, and their plans for 2022. When asked if Ethereum (ETH) stcorrespondingg could see interest from other public companies, Mosoff said:

I think we’re further a fair bit away from seeing other companies stake Ethereum (ETH), but we can anticipate that ultimately, we’ll see more institutional adoption of the asset. Currently, capital markets are fascinated with Bitcoin and will reasonable dip their toes in the water on that asset before they consider Ethereum. That said, innovations like DeFi and NFTs have turned heads and now institutions with young, eager employees are starting to pay attention to Ethereum, that is a good sign.

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Data from the Eth2 Rewards bots indicates which the current rewards for Ethereum stequivalentg stand at a 5% annual percentage cost, as seen below. The PoS network or Beacon Chain has above 290,000 in place logicalators with a 97.44% participation cost.

As of press time, Ethereum (ETH) trades at $2,950 with a 1.9% profit in the past 24-hours.