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The Ethereum Foundation has chosen Bitwise Asset Management's storage technology to manage one of the most significant treasury deployments in the history of decentralized finance, selecting the company's open-source tools to handle a planned storage program worth 70,000 ETH(, valued at over $140 million at current prices.
The asset management firm, which oversees over $15 billion in client assets, announced on Monday that its blockchain storage division, Bitwise Onchain Solutions, is developing and maintaining the software behind the foundation's initiative.
The foundation announced on February 24 that it had begun the storage process with an initial deposit of 2016 ETH. It added, "Approximately 70,000 ETH will be stored, and the rewards will be returned to the foundation's treasury."
With ETH trading at around $2000 at the time of writing, the foundation's total storage target of 70,000 ETH is worth approximately $140 million.
Storage rewards will be directed back to the treasury to help fund protocol research and development, ecosystem grants, and other core operations.