Ethereum (ETH) advocacy company Etherealize has announced the completion of a $40 million funding round, which will be used to promote the blockchain on Wall Street. This week, public companies have added over $1.26 billion in Ethereum (ETH) to their asset pools.
Etherealize stated on Wednesday that the funding round was led by venture capital firms Electric Capital and Paradigm, with the funds aimed at "continuing to drive the adoption of Ethereum (ETH) at the institutional level."
Founded in January of this year, the company has received funding support from the Ethereum Foundation and Ethereum (ETH) co-founder Vitalik Buterin, with the goal of popularizing blockchain and Ethereum (ETH) token knowledge among institutions.
Compared to Bitcoin (BTC), Wall Street has not yet deeply embraced Ethereum (ETH) in terms of trading volume and related exchange-traded fund (ETF) inflows.
Etherealize co-founder Grant Hummer noted in January that with the launch of ETFs, he observed a lack of relevant knowledge among institutions regarding Ethereum (ETH), and the company aims to fill this gap.
Etherealize stated that the $40 million will be used to develop crypto financial tools aimed at institutions.
The company plans to build infrastructure for private trading and settlement of tokenized assets, develop a settlement platform for "institutional tokenization processes," and create applications for the market of tokenized fixed-income products (such as tokenized bonds).
"Over the past decade, Ethereum (ETH) has evolved from an experimental project into the world's most experienced open financial network," said Etherealize co-founder Danny Ryan, adding that this funding will help "upgrade institutional finance to a more modern, secure, and globally accessible infrastructure."
Etherealize's funding round coincides with public companies globally adding $1.26 billion in Ethereum (ETH) holdings this week, according to data from the Strategic ETH Reserve website.
Crypto asset treasury company The Ether Machine is set to go public, having added 150,000 Ethereum (ETH) on Tuesday, valued at $654 million, making it the largest buyer of the week.
On the same day, the largest Ethereum (ETH) holding company BitMine Immersion Technologies announced that it had purchased over 150,000 Ethereum (ETH) last week, with Arkham data showing it added another $65 million worth of Ethereum (ETH) on Wednesday.
On Tuesday, Sharplink Gaming and Hong Kong-listed company Yunfeng Financial announced their respective increases in Ethereum (ETH) holdings, amounting to $176 million and $44 million.
Nick Forster, founder of the crypto options platform Derive, stated in a briefing on Wednesday that the Federal Reserve may cut interest rates this month and that public companies continue to buy Ethereum (ETH), bringing "explosive potential" for the fourth quarter.
He pointed out that companies currently buying Ethereum (ETH) hold nearly 4% of the token supply, and if interest rates are cut, these companies could hold 6-10% of the Ethereum (ETH) supply by year-end, becoming a major driving force for Ethereum (ETH) price movements.
Forster predicts a 44% probability that Ethereum (ETH) will rise to $6,000 by year-end, with a 30% chance of reaching that price by the end of October.
Ethereum (ETH) is currently trading slightly below $4,400, with a daily increase of 1.8%, but has fallen 11.5% since its high of about $4,950 on August 24.
Related: Hackers discover new technology that can hide malware within Ethereum (ETH) smart contracts
Original article: “Ethereum (ETH) marketing company Etherealize raises $40 million, multiple companies add $1.2 billion in investments this week”
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