A publicly traded company based in Canada, Ether Capital has staked $50 million or 10,240 ETH on the Ethereum Proof-of-Stake blockchain, Beacon Chain. Via their official Twitter handle, the company celebrated their participation on Eth 2.0, as “the only public company in the world” with “such a meaningful balance”.
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Ether Capital compared staking via Beacon Chain and its deposit contract with crypto mining, but more energy efficient. The company believes this practice it’s 99% more energy-efficient and secure than other models, and more beneficial for the token holder.
In a press release, Brian Mosoff, Ether Capital’s CEO, claimed that staking has been part of the company’s plan for a long time. In that sense, they will continue to allocate most of their over 43,512 ETH funds into the Beacon Chain to provide Ethereum with support in its transition to PoS. Mosoff said the following:
Prior to the merger of Ethereum’s current mainnet into Ethereum’s Beacon Chain (the “Merge”), Ether Capital intends to stake at least 30,000 Ether of its current 43,512 Ether balance. The Merge is currently expected to occur mid-year in 2022.
The release also clarified that the company staked their ETH using a multi-signature custody protocol and made a partnership with Figment to run their validator. This company was launched in 2018 with the objective of supporting the Web 3 ecosystem.
Mosoff added the following, hinting at the possibility that Ether Capital becomes a torchbearer for Ethereum and an infrastructure that they believe could be “one of the most innovative” movements in history.
We believe we may be one of the only, if not the only, public companies in the world with such a meaningful balance of our asset base devoted to Ethereum staking. Our commitment to staking on Ethereum reflects our confidence in Ether as an asset and Ethereum as a network.
Ethereum An Asset That Could Change History?
Furthermore, the CEO of Ether Capital classified Ethereum as one of the most important assets for the coming decades. Especially considering the demand for assets capable of generating yield.
Ethereum and its ecosystem in decentralized finances (DeFi), NFTs, Metaverse, GamiFi, SocialFi, and other applications and use cases could potentially support the most important network for the future of the internet, the Web 3.0. Thus, it has the capacity to generate high levels of wealth.
The migration to a PoS consensus mechanism will turn ETH into a productive asset, and deflationary asset after the introduction of EIP-1559. The Merge will be a major milestone for the network and the company as “net accumulator of Ether”. In that sense, Mossof added:
Staking fundamentally changes the game and allows Ether Capital to operate and participate in blockchain infrastructure so that Ether, previously a passive asset, can be converted into revenue-producing, or productive, assets via staking. We expect that Ether staking will provide a potentially significant source of revenue for the Company.
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As of press time, Ethereum (ETH) trades $4,046 with an 8.3% profit in the past 24 hours.
