Ethereum Foundation Sold 100 ETH for DAI to Strengthen Reserves

Quick Summary:

Today, the Ethereum Foundation made another significant move in its ongoing strategy to fund public projects and maintain reserves.

For the first time since releasing its annual report, the foundation sold 100 ETH, swapping the cryptocurrency for the stablecoin DAI.

Vitalik Buterin, the co-founder of ETH, has previously explained that these regular ETH sales are necessary to ensure the foundation has the necessary funds for development and to keep the ecosystem sustainable.With over 272.30K ETH ($883.296M) still in its reserves, the Ethereum Foundation remains a crucial player in the ongoing growth and success of Ethereum.

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Article Details

Author / Journalist: Sarala

Category: Crypto

Markets: United Arab Emirates

Topics: ETHEREUM ETH Ethereum News Vitalik Buterin Ethereum Foundation

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-12 @ 13:36:04 (1 weeks ago)

News Timezone: GMT +0:00

News Source URL: thenewscrypto.com

Language: English

Article Length: 287 words

Reading Time: 2 minutes read

Sentences: 23 lines

Sentence Length: 13 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TheNewsCrypto

News ID: 23557083

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