Total ETH Staked In Ethereum 2.0 Deposit Contract Surpassed $100,000

The total ETH stake in Ethereum 2.0 deposit contract crossed the 100,000 range after a Dubai-based company under the name IBC Group came forward and staked $10 million to speed up the process so let’s find out more today in our ethereum news.

Ethereum bulls are now pumping the native cryptocurrency so the asset even tested the $500 resistance today but what’s even more interesting is that the gradual progress on the staking front for ETH 2.0 launch is ready. Also, the depositors already staked about 100,000 ETH in the 2.0 deposit contract while the Dubai-based company decided to support the Ethereum 2.0 launch by investing $10 million. according to the latest update, the total ETH staked in Ethereum 2.0 hit 100,000 with the upgrade of the original network securing them for the launch. This makes up about 20 percent of the 524,288 ETH target:

“Almost 20% of the phase 0 staking goal have been reached.

Live charts: https://t.co/GSVZj1MNcM pic.twitter.com/eVYzNm4Xix

— glassnode (@glassnode) November 18, 2020”

3170 depositors staked above this figure and the launch can only happen with 13,214 as more depositors are coming in with their stakes. There are about 13 more days to go for the launch and during this emergency to attain the target, the company based in Dubai pledged to support the 2.0 launch with a huge investment. According to the local reports, IBC Group came forward with a $10 million investment in order to speed up the launch of ETH 2.0. IBC Chairman Khurram Shroff said:

“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, this lockup shows our confidence in ETH2 and dedication to the beacon chain. The greener and more efficient version being introduced in the second iteration addresses the unsustainably high energy consumption required by the ‘proof of work’ model, making it even more attractive.”

IBC Group will conduct the investment along with the Canada-based staking service CanETH which is an institutional-grade staking service for all holders of Ether cryptocurrency that facilitates participating in the ETH 2.0 launch. To mention some of the details, the Can ETH address will stake the ETH in three tranches which all add up to 21,984 units with 687 validators. Speaking of the new partnership, Dwain Pereira, the founder of CanETH said:

“The Proof of work Blockchain model uses more electricity than some countries. These exorbitant energy costs are eventually paid using fiat currencies, which creates a downward pressure on value of the cryptocurrency. So the Proof of Stake model will be both energy efficient and more lucrative for stakers.”