A new Ethereum-focused startup backed by founder Vitalik Buterin aims to win over Wall Street as the network tries to keep up with broader developments in the crypto industry.
Etherealize, founded by former Nomura and UBS bond trader Vivek Raman, announced its launch in New York on Wednesday night.
“All roads flow through ETH. We will show the world why,” the company wrote press release Posted on X.
The startup describes itself as the “institutional trading and production arm” for the Ethereum ecosystem.
While Bitcoin has benefited from mainstream adoption and government reserves, Ethereum's new Wall Street connection faces the challenge of explaining the network's value proposition to institutional investors.
Buterin and the Ethereum Foundation have been identified as lead investors, according to Bloomberg. Report On Wednesday. While the foundation confirmed its investment in Etherealize, neither party disclosed the amount.
In an interview with Bloomberg, Raman said the need for “safety, security, reliability and record” among financial institutions could be satisfied by Ethereum. Ethereum “is the only blockchain that has stood the test of time,” Raman said.
Growing pains
In the past week, there have been community concerns surrounding the leadership and overall effectiveness of the Ethereum Foundation (EF). They raised issues such asComparing Ethereum to other projects and ecosystems in the industry.
Community members accuse the foundation of maintaining a depleted budget for failing to utilize its $900 million in ether holdings or adequately support network developers.
In return, Buterin Acknowledged After a continuous change of leadership pushed back Aya Miyaguchi, chief executive of EFA, has been under fire for venomous criticism.
Critics argue that the foundation's approach has caused Ethereum to fall behind competitors such as Solana and XRP, but Buterin warned that aggressive tactics could drive away top talent.
The situation came to a head with the departure of popular Ethereum developer Nick Conner, who cited a disconnect between leadership and the community's needs.
“Deep down, I really hope Ethereum succeeds,” Conner He wrote On Monday at X.
Decrypt He reached out to Ethereumize about how he plans to operate independently of the Ethereum Foundation.
Edited by Sebastian Sinclair.
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