But what's even more interesting is the gradual progress on the staking front for Ethereum 2.0's launch.
According to reports from the region, the investment will be made in partnership with Canada-based CanETH, an institutional-grade staking service for holders of Ethererum.
3170 depositors have staked the above ETH figure. IBC Group Limited is a private equity investment company that dabbles in real estate, art, and future technologies. This makes up roughly 20 percent of the 524,288 ETH target.
He added that the ETH lockup shows the firm's confidence in ETH 2.0 and dedication to the beacon chain.
The report added that Shroff's "CanETH" address will send three tranches totaling 21,984 ETH for a total of 687 validators, now valued at around $10 million.
He further states that the launch of Eth 2.0 will open new avenues for investors and also promote further growth in the area of adaptation and innovation. These exorbitant energy costs are eventually paid using fiat currencies, which creates a downward pressure on value of the cryptocurrency.
Canadian crypto miner Dwain Pereira of CanETH Pool cited rising energy consumption with proof-of-work protocols and better incentives for investors with proof-of-stake as primary reasons for choosing Ethereum.
Buterin went on to say that with the official launch of Eth 2.0, numerous benefits of the new ecosystem will begin to take off.
As part of the rollup-centric strategy, "phase 2" (native sharded execution) is de-emphasized for the time being.
It remains to be seen whether the expected start date of December 01, 2020 can be met.