Key Points:
- Zodia Custody, a subsidiary of Standard Chartered Bank, teams up with Blockdaemon to offer crypto staking services to institutional clients.
- The partnership aims to capitalize on the growing interest in staking following Ethereum’s transition to a proof-of-stake system, providing secure and reliable custodial solutions for institutional investors.
Zodia Custody partners with Blockdaemon to offer crypto staking services to institutions.
Zodia Custody, a cryptocurrency custodian and subsidiary of Standard Chartered Bank, is set to partner with infrastructure provider Blockdaemon to offer crypto staking services to institutional clients. With the recent transition of the Ethereum blockchain to a proof-of-stake system, interest in staking has surged. As of May 23, the amount of ether staked had reached 22.58 million, equivalent to $42 billion.
Zodia Custody, backed by reputable institutions such as Northern Trust and SBI Holdings, aims to become the first bank-owned custodian to provide staking services to institutional customers. By partnering with Blockdaemon, Zodia Custody can expand its offerings and cater to the growing demand for staking services in the crypto industry.
Blockdaemon, known for its infrastructure solutions, introduced a wallet service in April to assist financial institutions and crypto custodians in securely managing their assets. This service allows institutions to maintain control over their assets without the need to rely on third-party storage solutions. By leveraging Blockdaemon’s expertise and technology, Zodia Custody can enhance its staking services and provide a reliable and secure platform for institutional clients.
Staking involves participants locking up their cryptocurrency holdings in order to support the operations of a blockchain network and validate transactions. In return for their contribution, stakers receive rewards in the form of additional cryptocurrency. With the integration of staking services, institutional clients working with Zodia Custody can now participate in the staking process and earn rewards while securely storing their digital assets.
The partnership between Zodia Custody and Blockdaemon demonstrates the increasing recognition of staking as a valuable service in the crypto industry. As more blockchain networks adopt proof-of-stake mechanisms, the demand for staking services is expected to grow further. By collaborating with Blockdaemon, Zodia Custody positions itself at the forefront of this emerging market, offering institutional clients a comprehensive solution for their staking needs.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Source: https://news.coincu.com/192641-zodia-custody-blockdaemon-crypto-staking/