Ether Capital Corporation Announces Initial Commitment to Staking on Ethereum 2.0
Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO:ETHC) announces that it has begun participating in staking on the newly launched Ethereum 2.0 network and has committed to running a validator node on the network.
Ether Capital’s validator has been running since Ethereum 2.0’s genesis block which was confirmed at approximately 7:00am ET on December 1, 2020.
Ethereum has begun the transition to a “proof of stake” protocol, where Ether holders are given the exclusive right to verify transactions and participate in consensus, thereby earning inflationary block rewards. Ethereum 2.0 has “proof of stake” as its consensus mechanism and is considered the successor to the existing Ethereum blockchain.
In order to “stake”, a minimum deposit of 32 Ether, currently valued at approximately US$20,000, must be sent from the existing Ethereum blockchain to the Ethereum 2.0 blockchain. Ether Capital has made this deposit and is currently running one validator, which is bonded by its 32 Ether deposit. The annual Ether-denominated staking return, or yield, is currently over 16%, based on the number of Ether currently staked, according to data from the Ethereum Foundation.
Brian Mosoff, Ether Capital’s CEO, said: “The launch of Ethereum 2.0 is an exciting and historic milestone in the digital asset space and we are thrilled to be part of it by running a validator. The transition to staking has been part of Ether Capital’s roadmap since inception and means that Ether holders are now able to generate an Ether-denominated return, or yield, by participating in network validation.”
“Once we see the Ethereum 2.0 blockchain running in a stable fashion over a period of time and are able to fully understand and mitigate applicable risks, Ether Capital intends to make a more substantial commitment of its Ether balance to staking,” continued Mr. Mosoff.
Ether Capital has entered into an agreement with Staked, an industry leading blockchain services provider, to run its Ethereum 2.0 validator.
Tim Ogilvie, Staked’s CEO, said: “We are excited to be working with the team at Ether Capital on running its validator. Staked has built a reputation for ease and reliability for proof of stake services and we are grateful for the trust that Ether Capital has put in us.”
About Ether Capital Corporation
Ether Capital is a Toronto-based technology company whose business strategy is to invest in projects, protocols, technologies and businesses that leverage the Ethereum ecosystem and decentralized (“Web 3”) technologies. Ether Capital is pursuing a long term business model built on three pillars: (i) investing in Ether to facilitate participation in the Ethereum ecosystem, (ii) investing in tokens or equity of other projects aimed at developing technology for decentralized applications, and (iii) ancillary blockchain services that generate income from passive assets. Founded by an experienced Board of Directors and management team, Ether Capital has the experience and relationships to support businesses and invest in industry-shifting disruptive technologies. For more information, visit http://ethcap.co/.
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933. The NEO Exchange does not accept responsibility for the adequacy or accuracy of this release.
