November 30, 2020

Arab investment company invested $ 10 million in a new version of the Ethereum network

IBC Group bought 20 thousand ETH and transferred them to the deposit contract of the second version of the cryptocurrency network in order to to make money on its stacking.

Investment company IBC Group, based in Dubai, bought about 20,000.Ethereum and transferred them to the deposit contractsecond version of the altcoin network.When it is launched, it will allow the company to passively increase the number of coinsEthereum, holding them on this contract.This feature is called "stacking", it workssimilar to a deposit in a bank.

Chairman Khurram Shroff explained that he was impressed with the technology that Ethereum developers are going to implement by updating its blockchain.When the update will occur, in addition to the appearance of stacking will increase the speed of transactions in the cryptocurrency network.Shroff added that the company intends to keep the funds invested in the coin until it happenstransition to Ethereum 2.0, reportsTrade Arabia.

"We are very excited about the Proof of Stake concept offered in Ethereum 2.0 and are contributing 20,000 ETH.This shows how confident we are about future project updates," Shroff said.

In early November, altcoin developers launched a deposit contractEthereum 2.0.If users transfer it to at least 524.29 thousand by December 1.ETH, then the team will be able to unfurloth the zero phase of the new version of the coin network, otherwise the startwill be set for a week.

The yield of the stacking depends on the Ethereum collection transferred to the deposit contract.If it is equal to 525,000 coins, the annual rate will beIf about 1 million ETH, the yield will decrease to 15.7%.At the moment, investors have replenished the deposit contract105 thousand.ETH, this is about 20% of the coin drain required to run the zero phase.