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Ethereum Last Week: Kraken Donation, Budweiser NFT, Grayscale Buys ETH And More

Ethereum Last Week: Kraken Donation, Budweiser NFT, Grayscale Buys ETH And More

The London Hard Fork Upgrade earlier this month has stirred things up for Ethereum, with many companies and industry experts hedging their bets on the world’s second-largest cryptocurrency by market cap. 

Let’s take a quick look at the notable moments in the Ethereum community this week. 

DeVere Group CEO Expects Ethereum To Overtake BTC 

Crediting the much-awaited London Hard Fork Upgrade, CEO and founder of deVere Group, the world’s leading independent financial institutions, Nigel Green has forecasted that Ethereum will overtake Bitcoin by 2026. 

He stated, 

“Ethereum is outperforming Bitcoin and it can be expected to continue this trend for the rest of 2021.”

The rise of Ethereum so far in 2021 has already outperformed that of Bitcoin. With a 300% gain, Ethereum’s rise to the top has beaten all other benchmark assets, including Bitcoin, which only had a 50% gain so far this year. 

Greyscale’s Ethereum Purchases Adds To $10 Billion Portfolio

The crypto-asset manager Grayscale has made further Ethereum investments, raising its portfolio to a whopping $10 billion. The company has continued to invest heavily in Ethereum, with a 20,000 ETH purchase back in February. With a total of 3 million ETH in its portfolio, the asset manager has become one of the largest Ethereum holders in the industry. According to the latest reports, the company currently holds around $41.4 billion worth of total assets under management (AUM). 

Kraken Donates Funds To Support Ethereum Upgrade

US-based crypto exchange and major industry bull, Kraken has shown its support for the Ethereum 2.0 upgrade by donating $250,000 for further advancements. The funds will reportedly be distributed across teams at the Ethereum Foundation and used for ongoing technical upgrades to the network.

Co-founder and CEO of Kraken, Jesse Powell, addressed the donation, saying,  

“We believe it’s our responsibility to give back to the open-source innovators who are building the next generation of cryptocurrency. That’s why we’re excited to work with the Ethereum Foundation to ensure developers receive funding from an increasingly diverse range of stakeholders.”

Budweiser Buys Beer-Themed NFTs

Budweiser has joined the NFT game. According to reports, in addition to a bottle rocket NFT from the Tom Sachs Rocket Factory collection, Budweiser has also purchased the Ethereum domain name “beer.eth.”

Upon purchase, the company changed its Twitter profile picture to the Budweiser-themed rocket on Monday evening, indicating the purchase. Additionally, after tracing back the address that bought the NFT had also recently purchased an Ethereum Name Service (ENS) domain “beer.eth” for 30 ETH, which is almost $100,000. It has also purchased the “beyondbeer.eth” ENS domain. 

Budweiser is just the next in a line of large companies that are investing in NFTs and ENS domain names. Most recently, financial services institution VISA was in the news for having purchased a CryptoPunk NFT for $150,000. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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