Lisk Foundation prepares to convert all existing BTC to ETH
Max Kordek, co-founder of Layer 1 blockchain application platform Lisk, tweeted that the Lisk Foundation will convert 1,000 bitcoins (BTC) into ethereum (ETH) over the next 10 weeks, which will be held as part of the foundation's long-term funding.
The Lisk Foundation will sell 100 Bitcoins per week to reduce the risk to the third parties involved, and the converted Ether will be deposited into a multi-signature wallet. In a reply to the tweet, Kordek said that the Lisk Foundation would consider pledging these Ether coins, "but not right away.
Kordek cited reasons for swapping BTC for ETH as including the fact that Ether is the world's largest blockchain platform and ETH is the second largest cryptocurrency with acceptable risk for sustainable long-term returns, writing that "it makes sense to invest in an asset that appreciates, deflates and generates income.
In terms of future financial strategy, Kordek says the Lisk Foundation plans to use fiat money in 2023 and bitcoin funding in 2024 and 2025, after which the foundation will be sustained by project revenue.
The Lisk Foundation will sell 100 Bitcoins per week to reduce the risk to the third parties involved, and the converted Ether will be deposited into a multi-signature wallet. In a reply to the tweet, Kordek said that the Lisk Foundation would consider pledging these Ether coins, "but not right away.
Kordek cited reasons for swapping BTC for ETH as including the fact that Ether is the world's largest blockchain platform and ETH is the second largest cryptocurrency with acceptable risk for sustainable long-term returns, writing that "it makes sense to invest in an asset that appreciates, deflates and generates income.
In terms of future financial strategy, Kordek says the Lisk Foundation plans to use fiat money in 2023 and bitcoin funding in 2024 and 2025, after which the foundation will be sustained by project revenue.
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