The Ethereum Foundation, the non-profit organization supporting the development of the Ethereum blockchain network, has set up a multisig wallet as it looks to participate in the decentralized finance ecosystem.

According to a post on X hww.eth, which was reposted by the Ethereum Foundation, the new multisig wallet will enable the organization to engage in the DeFi ecosystem. The foundation has initiated a transfer of 50,000 Ethereum (ETH) to the wallet, a 3-of-5 multisig managed via the on-chain asset custody provider Safe, formerly known as Safe Gnosis.

The Ethereum Foundation noted that the 50,000 ETH test transfer is now live through the DeFi protocol Aave, with plans to gradually add more funds to this multisig wallet.

The announcement comes in the wake of Ethereum co-founder Vitalik Buterin’s remarks about the foundation exploring new staking options. Notably, this move follows renewed criticism of the Ethereum Foundation for its continued offloading of ETH holdings.

With Ethereum price constrained amid Bitcoin (BTC)’s push to a new all-time high above $109k, the sell-off pressure for ETH that comes from the foundation’s offloading h

Go to Source to See Full Article
Author: Benson Toti