Ethereum: Dubai-based financial giant supports Eth 2.0 launch with $10M

Bitcoin breaches $18,000 mark with all-time high in sight

Bitcoin breaks $18000 as rally powers on, all-time high in sight

So much so that the asset nearly tested the $500 resistance today.

As of the time of publication, only 101,568 ETH has been deposited in the contract address. But what's even more interesting is the gradual progress on the staking front for Ethereum 2.0's launch.

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The Dubai-based investment firm IBC Group has now teamed up with CanETH, the decentralized staking service from Canada, to support the launch of Eth 2.0 with $10 million.

The original and biggest cryptocurrency was last up 3% at $18,175, its highest since December 2017. However, as Crypto News Flash has already reported, there could be a delay, as only 102,816 ETH have been deposited so far.

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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. The launch can happen only with 13,214 more depositors come in with their respective stakes. 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. Rough napkin mathematics works out a staking figure of nearly 20,000 ETH (considering the current ETH spot rates). This lockup shows our confidence in ETH2 and dedication to the beacon chain. These exorbitant energy costs are eventually paid using fiat currencies, which creates downward pressure on the value of the cryptocurrency.

Canadian crypto miner Dwain Pereira of CanETH Pool cited rising energy consumption with proof-of-work protocols and better incentives for investors with proof-of-stake as primary reasons for choosing Ethereum.

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