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Golem’s ICO Wallet Moves $110M Worth of ETH to Multiple CEXs

On-chain data shows that Golem's ICO wallet has transferred $110 million worth of ETH to multiple exchanges in the past 37 days.

GOLEM

Golem Network, a decentralized computing platform, has attracted the attention of the crypto community with the consistent movement of ether (ETH) from its wallet that raised 820,000 ETH through an initial coin offering (ICO) in 2016. 

ICO Wallet Movement 

According to data from Etherscan, this wallet has transferred 36,000 ETH, worth $110 million, to major centralized exchanges (CEXs), including Binance, Coinbase, Bitfinex, and others. Moreover, the wallet has moved 24,400 ETH ($74 million) to the CEXs in the past three days.

Despite this fund movement, Golem still holds a large portion of the digital asset. On-chain data revealed that around 126,034 ETH, worth $386.7 million, is still sitting in the wallet.

Why this Movement?

While there has been speculation that Golem might be dumping its ETH bag for profit, it appears the platform has other plans. About three weeks ago, Golem announced it would allocate a small portion of its reserves to initiate ETH staking tests to support ecosystem growth and development.

“We intend to stake part of our ETH reserves to generate yield that will be used for operational activities, ecosystem development & building awareness of the possibilities enabled by Golem Network’s decentralized computing platform,” Golem said in a blog post.

Golem also noted that the initiative, which will be solo staking, is also part of an effort to improve the overall health and sustainability of its platform and the larger Ethereum ecosystem.

While the ETH’s price is up by a mild 1.2% on the day, the second-largest cryptocurrency has been on a downward trajectory over the past week. According to data from CoinGecko, ETH currently trades at $3,048, reflecting a 13% decline over the past seven days. However, the broader crypto market is also underperforming.

Lucky Ebosele

Lucky Ebosele is an avid writer with over two years of experience covering cryptocurrencies and blockchain tech. He is constantly researching the latest trends and developments in the space. Away from crypto, he loves everything football.