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The ethereum Foundation, the non-profit organization that supports the development of the ethereum blockchain network, has created a multi-signature wallet with the goal of participating in the decentralized financial ecosystem.
According to a <a target="_blank" href="https://x.com/icebearhww/status/1881413731780821405″ target=”_blank” rel=”nofollow”>publish in x hww.eth, which was republished by the ethereum Foundation, the new multi-signature wallet will allow the organization to participate in the DeFi ecosystem. The foundation has initiated a transfer of 50,000 ethereum (eth) to the wallet, a 3 of 5 multisig managed through on-chain asset custody provider Safe, formerly known as Safe Gnosis.
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The ethereum Foundation noted that test transfer of 50,000 eth is now available via the Aave DeFi protocol, with plans to gradually add more funds to this multi-signature wallet.
The announcement follows comments from ethereum co-founder Vitalik Buterin about the foundation exploring new staking options. Notably, this move follows renewed criticism of the ethereum Foundation for its continued dumping of eth holdings.
With ethereum price capped amid bitcoin's (btc) push to a new all-time high above $109,000, the eth liquidation pressure coming from the foundation dump has not sat well with most holders. . This criticism has led to the suggestion that the EF can make money from its eth holdings to cover cash needs, while supporting the growth and security of ethereum.
buterin <a target="_blank" href="https://x.com/VitalikButerin/status/1881298926650929415″ target=”_blank” rel=”nofollow”>shared on x that the foundation had explored staking options as part of the plan to prevent further eth sales. According to him, EF had until now stayed away from staking due to regulatory concerns and the problems of having to choose a side in the event of a network hard fork.
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