The Ethereum Foundation, the non-profit organization supporting the development of the Ethereum blockchain network, has set up a multisig wallet as it seeks to participate in the decentralized financial ecosystem.
According to one message on X hww.eth Reposted by the Ethereum Foundation, the new multisig wallet will allow the organization to participate in the DeFi ecosystem. The foundation initiated a transfer of 50,000 Ethereum (ETH) to the wallet, a 3-of-5 multisig managed through on-chain asset custody provider Safe, formerly known as Safe Gnosis.
The Ethereum Foundation noted that the test transfer of 50,000 ETH is now live via the DeFi protocol Aave, with plans to gradually add more funds to this multisig wallet.
The announcement comes in the wake of comments from Ethereum co-founder Vitalik Buterin about the foundation exploring new staking options. Notably, this move follows renewed criticism of the Ethereum Foundation for its continued waiver of ETH holdings.
With Ethereum’s price capped by Bitcoin’s (BTC) push to a new all-time high above $109,000, the sell-off pressure for ETH that comes from unloading its foundation has not gone well with most holders. This criticism has led to suggestions that the EF could monetize its ETH holdings to cover cash needs – thereby supporting Ethereum’s growth and security.
Buterine shared on X that the foundation had explored staking options as part of the plan to prevent further ETH sales. According to him, EF had so far refrained from striking due to regulatory concerns and the difficulties of having to choose sides in the event of a network hard fork.
