Etherealize, a new startup primarily focused on Ethereum and backed by its founder, Vitalik Buterin, has made its intentions clear – to win over Wall Street. The company, established by former Nomura and UBS bond trader, Vivek Raman, announced its launch Wednesday evening in New York.
The startup regards itself as an “institutional marketing and product arm” for the Ethereum ecosystem and is determined to elucidate Ethereum’s value proposition to institutional investors. While Bitcoin enjoys mainstream adoption and potential government reserves, Ethereum is faced with the challenge of attracting investors who have so far shown a predilection for Bitcoin, its older rival.
Details about the investment from Ethereum’s founder and the Ethereum Foundation were highlighted in a Bloomberg report. However, neither party disclosed the amount of funding involved.
In an interview with Bloomberg, Raman underscored that the need for “safety, security, reliability, and a track record” among financial institutions could be sufficiently met by Ethereum. In his words, Ethereum stands as the “only blockchain that has stood the test of time.”
However, the Ethereum Foundation (EF) has been under fire in recent times from the community. Criticisms have centered around the leadership of the EF and its overall effectiveness. The community has accused the foundation of not effectively utilizing its $900 million worth of Ether holdings and not providing enough support to network developers.
In response, Buterin acknowledged the leadership changes taking place within the foundation. He, however, took a stand against the toxic criticism, particularly directed towards EF Executive Director, Aya Miyaguchi. He warned that the pressure could lead to the loss of valuable talent.
The situation took a dramatic turn with the departure of Nick Conner, a prominent Ethereum developer. Conner cited a misalignment between the leadership and the community’s desires as his reason for leaving, while expressing his hope for Ethereum’s success.
The startup, Etherealize, has been contacted by Decrypt to understand how it plans to operate independently from the Ethereum Foundation. It is yet to respond.
News outlet X reached out to Etherealize regarding its plans to function independently from the Ethereum Foundation. As of now, there has been no official response.
