ARK Invest founder Cathie Wood, known for her support of Bitcoin (BTC), expressed her support for the largest altcoin Ethereum (ETH).
While Cathie Wood couldn’t grasp all the technical details, she noted that the Ethereum Foundation is moving in the right direction with its recent efforts to increase scalability and privacy.
Wood’s statements come at a time when the cryptocurrency market is experiencing significant growth and increasing institutional adoption.
Ethereum Support from Cathie Wodd!
Wood highlighted the Ethereum Foundation’s efforts to improve scalability and privacy, which he sees as vital for Ethereum to maintain its dominance in the enterprise sector.
Founder Cathie Wood shared the following on her X account:
“I think the Ethereum Foundation is proposing the right steps in terms of scalability and privacy to stay ahead in the corporate world.”
This statement comes after the Ethereum Foundation announced on July 10 that it will officially introduce plans to fully integrate zero-knowledge (zk) technology into Ethereum’s L1.
Focus Areas of the Ethereum Foundation!
One of the Ethereum Foundation’s key areas of focus is scalability, which refers to the network’s ability to handle an increasing number of transactions without sacrificing speed or security.
The Ethereum Foundation is actively working to increase scalability. This aims to meet the growing demand from institutional investors who need a reliable and efficient platform for ETH transactions.
In addition to scalability, the Ethereum Foundation also prioritizes privacy. Privacy is a significant concern for institutional investors. By improving ETH’s privacy features, it aims to create a secure environment for institutional transactions, thereby building trust among its users.
Ethereum continues to trade at $3,020, up 2.3 percent in the last 24 hours.
*This is not investment advice.
