Ethereum, Legal, News

Ethereum Foundation Transfer’s Over $90 Mln In ETH to Kraken For Sale.

The Ethereum Foundation was seen moving about $100 million worth of Ethereum tokens to controlled exchange Kraken, according to the ETH blockchain explorer.

The Significant Deal

It was made on Nov. 11, 02:56 p.m. UTC, when Ethereum was trading about $4,810, according to the transaction record on Etherscan.

The transaction is not unusual because the Ethereum Foundation is continually selling its crypto money in exchange for fiat dollars to fund its operations. However, the majority of users are concerned about the foundation’s choice of timing.

According to Ethereum’s market history and on-chain statistics, the foundation sells 3-5 percent of its holdings near to the next local peak. The amount sold by the foundation is less than 0.1 percent of ETH’s daily trading volume, hence it has no direct impact on the price.

Concerning the Founding

The Ethereum Foundation is a non-profit organization committed to the upkeep, maintenance, and continuous development of the ETH ecosystem.

According to the firm, it exists just to serve the ecosystem rather than to lead or control it. Furthermore, the group contends that it does not have a monopoly on network development

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