Ethereum Foundation has made a significant transfer of its entire TKO token holdings to Bitcoin Suisse, a prominent institutional crypto service platform. This unexpected development, involving tokens worth millions of dollars, comes on the heels of the successful launch of Taiko’s mainnet, a Layer 2 scaling solution for Ethereum.

Ethereum Foundation’s Taiko Token Transfer

In a significant move, the Ethereum Foundation has transferred its entire holdings of TKO tokens to Bitcoin Suisse, a leading institutional-grade crypto service platform. According to Arkham Intelligence, a blockchain monitoring service, the transfer occurred at 16:25 UTC+8 today.

The transaction involved 3.484 million TKO tokens, valued at approximately $9.16 million. The tokens were moved from the Ethereum Foundation’s wallet address: 0x97…dE4B to Bitcoin Suisse’s hot wallet.

This transfer comes just weeks after the Ethereum Foundation received these tokens from the Taiko mainnet on June 28. Following their receipt, the tokens were cross-chained to the Ethereum mainnet before today’s transfer. Notably, Ethereum co-founder Vitalik Buterin had earlier left an encouraging message on Taiko’s first genesis block, marking a significant milestone for the project.

In his message, Vitalik Buterin expressed enthusiasm for Taiko’s launch as a “based rollup” and its potential impact on the Ethereum ecosystem. He stated, “Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction.”

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Market Impact and Recent Developments

The transfer coincides with some market fluctuations for Taiko (TAIKO) tokens. As of the report, TAIKO’s price stands at $2.57, with a 24-hour trading volume of $22.3 million. This represents a slight decline of 1.53% over the past day and a more significant drop of 7.96% over the week. With a circulating supply of 63 million TAIKO, the project’s market capitalization is approximately $162.3 million.

Adding to the recent developments, Bithumb launched TAIKO trading in the Korean won market on July 9. This move generated considerable interest and trading activity among investors, highlighting the growing attention on Ethereum Layer 2 solutions. The launch on Bithumb, coupled with Vitalik Buterin’s backing, has positioned Taiko as a notable player in the Ethereum scaling landscape, despite recent price fluctuations.

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The post Just-In: Ethereum Foundation Moves Entire TKO Holdings To Bitcoin Suisse appeared first on CoinGape.

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Filed under: News - @ July 29, 2024 10:12 am