The Ethereum Foundation, a non-profit organization responsible for the development and promotion EthereumHe converted 1,700 ETH to Circle's worth $2.76 million USDC A stable coin.
Crypto analytics firm Skopscan reported the transaction this morning as the foundation swapped Ethereum for USDC. Uniswap.
In a report from April 2022, the foundation stated that it had about 395,000 ETH in Q1 2022, representing 0.297 percent of Ethereum's total supply.
According to the report, the foundation has spent a total of $48 million on research and development for developers working on Ethereum in the 2021 financial year.
According to DeFillama, the company holds 316,488 ETH worth $502.7 million.
The foundation did not immediately respond to a request for comment.
Ethereum and its foundation
This has been followed by a drop in the price of Ethereum in the past as the foundation moved its tokens to crypto exchanges.
On May 6, 2023, for example, the Ethereum Foundation transferred nearly $28.5 million worth of 15,000 ETH to the Kraken cryptocurrency exchange, a domestic high.
At the time, Ethereum was trading at $1,900 before dropping a few months later. In the coming months.
18 months ago, the foundation In the year November 11, 2021 Transferred 20,000 ETH worth of 20,000 ETH to Kraken on November 11, 2021.
Then in May 2021, the company transferred over 35,000 ETH worth $123 million.
The price of Ethereum has fallen from more than $3,500 to $1,825 in recent weeks, according to CoinGecko data.
In particular, the amount of ETH sold this morning is relatively low at $2.76 million.
Ethereum was last changing hands at $1,595, down 1.6% since yesterday on CoinGecko.
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