Buterin-Backed Startup Etherealize to Sell Ethereum to Wall Street

While Bitcoin has been stealing the spotlight, a new startup called Etherealize is aiming to remind Wall Street of Ethereum's unique strengths. Founded by former bond trader Vivek Raman, and backed by Ethereum co-founder Vitalik Buterin and the Ethereum Foundation, Etherealize seeks to market Ethereum as the go-to blockchain for financial institutions.

A Change of Pace: From Bond Trader to Ethereum Evangelist

Ethereum, once seen as the leading challenger to Bitcoin, has lagged in recent months despite being the home of the second most valuable cryptocurrency, Ether. While Bitcoin has surged approximately 160% over the past year, Ether has risen a more modest 45%.

Etherealize, launched this month with a team of eight in New York, aims to change that narrative. Raman, who previously worked at Nomura Holdings Inc. and UBS Group AG, believes that the current environment is ripe for Ethereum adoption by financial firms. "If there's any time it's going to work, it's right now when all the headwinds that existed in the past are now suddenly tailwinds, from regulatory to technology to Ethereum being ready to have institutional presence," Raman stated.

Ethereum's Edge: A Decade of Reliability and Regulatory Clarity

Ethereum, launched in 2015, gained early recognition for its ability to host complex financial transactions through smart contracts. However, it has recently lost some ground to faster-evolving alternatives like Solana, particularly in the booming memecoin sector.

Raman argues that Ethereum's decade-long operating history and relative regulatory clarity make it a safer bet for financial institutions. "They want safety, they want security, they want reliability, they want a track record," he said. "And the only blockchain that stood the test of time and has 10 years of operating history and some regulatory clarity is Ethereum."

Tokenization: Etherealize's First Big Push

One of Etherealize's initial focuses will be promoting tokenization, the process of converting traditional financial products into digital tokens on the blockchain. This aligns with a growing trend of financial institutions exploring the potential benefits of blockchain technology.

Addressing Criticisms: The Ethereum Foundation Responds

The Ethereum Foundation and Buterin himself have faced criticism for not doing enough to promote the network. Buterin recently acknowledged these concerns on X, promising "large changes" to the foundation's structure and goals.