Dubai Entrepreneur Invests $10M in Ethereum

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Dubai-based entrepreneur Khurram Shroff has announced an investment of $10 million in the upcoming launch of a new version of Ethereum, the software platform used for its cryptocurrency. As Bitcoin, the world’s best-known cryptocurrency, jumped above $17,000 recently, Shroff said he has bought a stake of around 20,000 Ether in the plan to launch Ethereum 2.0.

The investment is to be made in partnership with Canada-based CanETH, an institutional-grade staking service for holders of Ether, which facilitates users participating in Ethereum 2.0, he said. Shroff, who is chairman of the IBC Group, said: “We are very excited by the ‘proof of stake’ concept proposed for the Ethereum 2.0 smart contracts and are locking up 20,000 eth which is a one way trip till phase 2, this lockup shows our confidence in ETH2 and dedication to the beacon chain. The greener and more efficient version being introduced in the second iteration addresses the unsustainably high energy consumption required by the ‘proof of work’ model, making it even more attractive.”

His comments come as Bitcoin, which has suffered plenty of wild price swings since it was launched in 2009, is seeing investors flock during the pandemic-driven volatility on global stock markets.

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