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Khurram Shroff, Dubai-based entrepreneur and president of IBC Group, an investment firm, has agreed to send 20,000 ETH ($ 9.6 million) into the Ethereum 2.0 (ETH 2.0) deposit agreement as it struggles to meet its target.
ETH 20,000 is almost 4% of the amount needed – ETH 524,288 (USD 251m) – to start Phase 0 of ETH 2.0.
At the time of writing (12:29 PM UTC), according to data provided by Dune Analytics, ETH 100.288 has already been sent to the deposit agreement, which is about 19% of the required amount. The Ethereum field aims to collect the balance until November 24 to launch Phase 0 (which will bring the Beacon Chain) on December 1.
“We are very excited about the proposed ‘Proof of Stake’ concept for Ethereum 2.0 smart contracts and we are blocking ETH 20,000 which is a one way trip to Phase 2, this block shows our confidence in ETH 2.0 and dedication to the chain. Beacon, “Shroff said in a press release.
The investment must be made in partnership with Canada CanETH, an institutional level staking service for ETH holders, which facilitates users participating in Ethereum 2.0.
Yesterday, Eric Conner, product researcher at the blockchain startup Gnosis, suggested adding a “deadline (December 15, 2020) for the Genesis event”.
“This would mean that the genesis of ETH 2.0 kicks off even if we don’t reach the required minimum deposit amount (ETH 524,288) in the current spec. The main reason for a minimum amount is to fend off gatekeeper attacks. However, the analysis for 524,288 it was done with the ETH price of 80 USD and the current share distribution on the ETH 2.0 side looks good, “he said.
@ Shaughnessy119 These “macro funds” really know they can lose all of their ETH at any time, regardless of platform … https://t.co/fkY9RgORnK
ETH is trading at USD 479 and is rising nearly 2% in one day and 4% in one week. The price jumped 27% in one month and 172% in one year.
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To know more: The launch of Ethereum 2 Phase 0 on December 1st is an “uphill battle”
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