Bhutan stakes $970K ETH via Figment in validator push

Blockchain information shows the Royal Government of Bhutan has staked 320 Ether (ETH) worthy astir $970,000 done Figment, marking the latest onchain enactment from the Himalayan authorities arsenic it expands its crypto holdings and validator operations.

Figment is simply a staking supplier that helps ample investors and institutions involvement integer assets crossed aggregate blockchains and gain rewards for securing proof-of-stake networks.

The determination adds to a increasing question of Ethereum-focused enactment from Bhutan. In October, the South Asian federation of astir 800,000 radical began migrating its self-sovereign integer ID strategy from Polygon to Ethereum, allowing residents to verify their identities and entree authorities services connected the network.

Bhutan crypto transfers. Source: Arkham

The Ethereum integration is already live, with each nonmigratory credentials expected to beryllium afloat migrated by aboriginal 2026, said Ethereum Foundation president Aya Miyaguchi astatine the lawsuit motorboat alongside Vitalik Buterin and Bhutan’s premier minister, Tshering Tobgay.

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Bhutan expands crypto footprint

Bhutan has been leaning into integer assets for years. In 2019, the state softly began accumulating Bitcoin by tapping its hydropower resources to excavation the cryptocurrency. It holds astir 6,154 BTC worthy implicit $562 cardinal astatine existent prices, according to Arkham data. 

In July, Bhutan announced plans to boost its tourism industry and pull younger travelers by integrating cryptocurrency payments crossed the country. Officials said the move, supported by Binance, has astir 1,000 onboarded merchants and is meant to modernize ligament transfers and trim friction for tourists.

Bhutan’s increasing enactment mirrors broader trends successful organization and firm Bitcoin accumulation, wherever ample holders person go progressively influential successful the market.

Among firm BTC treasury holders, Michael Saylor’s Strategy dominates with 649,870 BTC, portion Marathon Holdings ranks a distant second with 53,250 BTC.

The world’s largest known Bitcoin stash inactive belongs to Satoshi Nakamoto, the pseudonymous creator of the network, who is estimated to control astir 1.1 cardinal BTC.

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