Arab Whale to Stake 20,000 ETH

[sneakyboi]

Arab Whale to Stake 20,000 ETH

Khurram Shroff, Dubai based businessman and Chairman of the IBC Group is to send $10 million worth of eth to the new ethereum 2.0 blockchain.

“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,” says Shroff before adding:

“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.”

Initially the deposited eth can not move until the merger at phase 1.5 when ethereum will go full Proof of Stake (PoS).

Learn more about the news here.