Crypto analysis platform Arkham Intelligence has suggested that Consensys, one of the leading developer companies in the Ethereum ecosystem, may have made a large-scale Ethereum (ETH) purchase.
According to the platform's post, a whale thought to be affiliated with Consensys received approximately $320 million worth of ETH from Galaxy Digital.
The funds were transferred to a new wallet address, 0x0b2, from which approximately $120 million worth of ETH was staked via Liquid Collective.
On the other hand, Consensys CEO and Ethereum co-founder Joe Lubin said on Tuesday that the company is in talks with large players who want to build on Ethereum infrastructure. “We are talking to large sovereign wealth funds and banks in a very large country,” Lubin said.
Lubin noted the deterioration in the current global financial system, saying:
“There is structural fatigue in the financial system. It is collapsing. We are basically at the end of a supercycle. The excesses of the financial sector, the financialization of America, and the collapse of the middle class are bringing us to the end of that cycle.”
Lubin added that the institutions interviewed showed interest in developing on Ethereum’s layer-1 infrastructure and creating their own layer-2 solutions.
*This is not investment advice.