Zak Cole has announced the official launch of the Ethereum Community Fund (ECF). Zak Cole of the Ethereum Community Fund stated that the aim of the ECF is to support institutional adoption of the Ethereum (ETH) infrastructure and ultimately increase the price of ETH. Ethereum Community Fund Launched! According to The Block, the Ethereum Community Fund aims to support institutional adoption of the ETH infrastructure and ultimately increase the price of ETH. “The ECF is committed to increasing the price of ETH. The price of ETH has been ignored for too long. The ECF is here to change that,” the official statement said. Cole said that the ECF has collected millions of dollars worth of ETH so far, which will be distributed to projects building trustless neutral technology. “We already have a treasury of ETH contributed by individual supporters. We were hoping the Ethereum Foundation would move in the right direction, but it didn't. That's why we took action. We will address the Ethereum Foundation's shortcomings by funding projects that burn Ethereum, strengthening immutability, and aligning incentives.” Cole added that any project supported by the ECF must also be “non-fungible, symbolic, and not issue new tokens.” “The Ethereum Community Foundation (ECF) transparently funds Ethereum projects that are immutable, trustlessly neutral, token-free, and burn ETH to the maximum. We support core infrastructure development, government and institutional access, and value for all ETH holders,” the ECF's official website states. Ethereum has been trading in a range after making a major breakout on May 8 and reaching $2,600 levels. *This is not investment advice. Continue Reading: A Historic Step Has Been Taken for Ethereum (ETH)! Will ETH Be Able to Increase Its Price? "They Speak Ambitiously!"
