Dubai-based entrepreneur Khurram Shroff plans to invest $10 million in the proposed launch of the new version of ethereum following the world’s leading cryptocurrency bitcoin’s three-year high this week. It soared above the $17,000 mark.
It is reported that Khurram Shroff had purchased around 20,000 ether stakes in a plan to roll out ethereum 2.0. The investment will be carried out in collaboration with CanETH. CanETH is an institutional-grade staking service for holders of ether which facilitates users participating in ethereum 2.0.
Khurram Shroff, told the media, “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.”
Bitcoin, which was rolled out in December, saw an increase in demand among investors during the pandemic. It has made the global stock market highly volatile. The price of bitcoin surged by 7 percent this week, marking its highest level since 2017.
It is reported that ethereum founder Vitalik Buterin will be launching Genesis in December to make ethereum 2.0 live. Khurram Shroff believes that blockchain has the potential to transform all human interactions and transactions virtually. The global demand for virtual currencies is on the rise amid earlier crackdown.