Ethereum Foundation moving 50,000 ETH, worth over $167 million, to wallet in effort to support DeFi
Quick Take Ethereum Foundation’s Hsiao-Wei Wang announced the organization will transfer 50,000 ETH to a wallet that will then be used to “participate” in the DeFi ecosystem. Move comes on the heels of concerns related to the foundation’s leadership and ETH’s market underperformance.
Amid a period of public scrutiny, the Ethereum Foundation announced that it set up a wallet address to begin participating in DeFi, confirming a recent statement from Vitalik Buterin that the non-profit will be ongoing organizational changes. The organization plans to seed the wallet with approximately $150 million worth of ETH, though noted it could take a few days to set up.
"The Ethereum Foundation has set up a new Safe 3-of-5 multisig wallet ... An op has been initiated to send 50,000 ETH there, but be patient; due to signing delays, this will take a few days to process," Hsiao-Wei Wang, who was recently appointed to a leadership role at the foundation, posted to X on Monday. "The [Ethereum Foundation] will use this new wallet to participate in the DeFi ecosystem."
On Saturday, in response to recent criticisms, Ethereum co-founders Vitalik Buterin and Joe Lubin hinted at “large changes” to the leadership structure of the Ethereum Foundation. In response to its lack of participation in the Ethereum ecosystem, Josh Stark, a contributor to the Ethereum Foundation, said the organization used the blockchain to sell tokens, pay out grants and for tickets at events.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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