BitMine announced the launch of MAVAN, an institutional Ethereum pledge platform

BitMine, the largest Ethereum crypto treasury, announced the launch of MAVAN, an institutional-level Ethereum pledge platform that will run a verifier infrastructure for its own positions and external customers. Originally developed to support BitMine's existing Ethereum treasury, the platform is now open to institutional customers and custodians and is expected to be available to more ETH assets in the coming weeks. The new pledge platform will combine U.S. infrastructure and globally distributed configurations, and is expected to expand to more proof-of-stake networks and blockchain services. BitMine said it has pledged 101,776 ETH units in the past week and plans to continue to increase the number allocated to MAVAN while pushing to pledge most of its remaining Ethereum. The company estimates that based on current yields, pledge rewards could be close to $300 million per year.