Zodia Custody, a branch of Standard Chartered Bank, has partnered with Blockdaemon to provide institutional clients with crypto staking services. This collaboration aims to take advantage of the increasing demand for staking after Ethereum’s shift to a proof-of-stake system. Their objective is to offer trustworthy and secure custodial solutions for institutional investors.
Zodia Custody And Blockdaemon Empower Institutions With Crypto Staking Services
Zodia Custody, a subsidiary of Standard Chartered Bank specializing in cryptocurrency custody, is preparing to collaborate with infrastructure provider Blockdaemon to extend crypto staking services to institutional clients.
Following the recent transition of the Ethereum blockchain to a proof-of-stake system, there has been a significant surge in interest regarding staking. As of May 23, the total amount of staked ether reached 22.58 million, equivalent to $42 billion.
Zodia Custody, supported by respected institutions like Northern Trust and SBI Holdings, aims to become the first bank-owned custodian to offer staking services to institutional customers. By joining forces with Blockdaemon, Zodia Custody can broaden its offerings and cater to the growing demand for staking services within the crypto industry.
Blockdaemon, renowned for its infrastructure solutions, introduced a wallet service in April designed to assist financial institutions and crypto custodians in securely managing their assets. This service allows institutions to retain control over their assets without relying on third-party storage solutions.
By leveraging Blockdaemon’s expertise and technology, Zodia Custody can enhance its staking services and provide institutional clients with a reliable and secure platform.
Staking entails participants locking up their cryptocurrency holdings to support the operations of a blockchain network and validate transactions. In return for their contributions, stakers receive rewards in the form of additional cryptocurrency. With the integration of staking services, institutional clients collaborating with Zodia Custody can now actively participate in the staking process and earn rewards while safely storing their digital assets.
The partnership between Zodia Custody and Blockdaemon underscores the growing 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 further increase.
By partnering with Blockdaemon, Zodia Custody positions itself at the forefront of this emerging market, offering institutional clients a comprehensive solution for their staking requirements.
To access more collaboration news: cryptodataspace.com
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