As an experienced crypto investor with roots deeply entrenched in the Ethereum ecosystem, I find myself both relieved and slightly concerned by the recent move made by the Ethereum Foundation. Relieved, because it clears up some of the confusion surrounding their financial management; concerned, due to the lack of transparency that preceded this decision.
The Ethereum Foundation has made it clear that their recent movement of approximately 35,000 Ether, valued at around $94 million, was sent to the Kraken digital asset exchange.
Aya Miyaguchi, serving as the Foundation’s Executive Director, outlined on X that this action was an essential aspect of their strategic plan to liquidate some of their cryptocurrency reserves into hard cash. This financial influx will be used towards grants, salaries, and other operational costs. Notably, this move caters particularly to those individuals who opt for conventional currency instead of crypto transactions.
As a researcher, I’m involved in overseeing our annual budget, which typically amounts to approximately $100 million. A significant portion of this comes from grants and salaries, with some recipients preferring fiat currency for payments. However, due to recent advisories, we were counseled to refrain from engaging in certain financial activities for a substantial period this year.
— Aya Miyaguchi (ayamiya.eth) (@AyaMiyagotchi) August 24, 2024
As a researcher delving into the Ethereum ecosystem, I’ve noticed a stir of concern arising among its community members. This is due to speculations and queries about the financial health of the Ethereum Foundation.
Miyaguchi pointed out that regulatory hold-ups had caused delays in sharing the Foundation’s plans, fueling rumors. However, she underscored that this wasn’t an instant sale, rather a planned, gradual sale process designed to maintain market stability.
Due to the absence of clarity prior to the deal, there was significant backlash, with certain community members voicing concern and requesting regular financial disclosures. Many proposed that the Foundation should issue quarterly reports outlining their expenditures and strategies for liquidating assets. Additionally, a demand has arisen for a specialized team to manage communication and ensure the community remains well-informed on ongoing developments.
Despite the initial concerns, Ethereum’s price held up well, rising by 4.5% and reaching $2800 shortly after the news.
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2024-08-25 16:04