LONDON, July 2 -- The people who built Ethereum are pitching banks on the token. The banks have been selling.

A group of Ethereum backers launched Ethereum Institutional on July 1, a nonprofit designed to serve as the entry point for financial firms seeking exposure to the Ethereum network. Joe Lubin, the Ethereum co-founder who built ConsenSys into one of the network's largest development organizations, is among the founders. BitMine Immersion Technologies and SharpLink Gaming, two companies that have converted corporate treasury reserves into ether, are backing the initiative. The organization will provide education, standards development, industry research, and institutional events across New York, London, Hong Kong, and Singapore.

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