The Ethereum Foundation, the non-profit organization that supports the development of the Ethereum blockchain network, has established a multisig wallet as it looks to participate in a decentralized financial ecosystem.
According to s post on X hww.eth, reposted by Ethereum Foundation, the new multisig wallet will allow the group to join the DeFi ecosystem. The foundation has initiated the transfer of 50,000 Ethereum (ETH) to the wallet, a 3-of-5 multisig managed through the on-chain asset custody provider Safe, formerly known as Safe Gnosis.
The Ethereum Foundation noted that the 50,000 ETH test transaction is now live through the DeFi Aave protocol, with plans to gradually add more funds to this multisig wallet.
The news comes as a result of what Ethereum co-founder Vitalik Buterin said about the foundation exploring new staking options. Notably, this move follows renewed criticism of the Ethereum Foundation for continuing to upload ETH holdings.
With the price of Ethereum limited among Bitcoin (BTC). This criticism on the proposal that the EF can earn from their ETH holdings to cover cash needs – in the process supporting the growth and security of Ethereum.
Buterin divided by X that the foundation had explored staking options as part of the plan to avoid further sales of ETH. According to him, EF had so far stalled due to regulatory concerns and the difficulties of choosing sides in the event of a hard fork on the network.
