Ethereum Foundation Transfers $90 M Worth of ETH to Kraken Exchange

Ethereum Foundation Transfers $90 M to Kraken Exchange

Ethereum Foundation transferred about $100 million worth of Ethereum to Kraken centralized exchange on November 11.

The foundation completed the transaction at around 02.56 PM yesterday; at the time, ETH was trading at $4810. EF reportedly intends to sell the tokens for fiat currency.

The amount sold is below 0.1% of ETH’s daily trading volume and is not expected to affect the price significantly. EF usually sells its holding when the price is at 3%-5% next to the local top. 

Ethereum Foundation has been selling Ethereum tokens in exchange for fiat currencies to fund its programs. The concern is the timing of the sale, just as Ethereum’s price has surged substantially in the recent past.

Ethereum Foundation aims to support the Ethereum ecosystem by developing, sustaining, and updating the network. It maintains that it has no intention of monopolizing or controlling its development. 

Source: Etherscan

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