Zodia Custody And Blockdaemon Unleash Staking For Big Players

Zinger Key Points
  • Zodia Custody and Blockdaemon join forces to cater to institutional clients.
  • Blockdaemon's wallet service facilitates institutional stewardship of crypto assets.

Zodia Custody, a leading firm in cryptocurrency asset management, announced plans to extend staking services to its institutional clientele, courtesy of a partnership with infrastructure solutions provider Blockdaemon.

This move is designed to tap into the burgeoning institutional fascination with staking, which is the act of pledging digital assets to support the operations of a blockchain network with rewards as a return incentive, Coindesk reported.

Staking has come into prominence since Ethereum's blockchain transitioned into a proof-of-stake model in September.

The Shapella upgrade, implemented on April 12, led to a massive increase in the amount of staked Ethereum ETH/USD by 4.4 million, amounting to 22.58 million (worth $42 billion) by May 23.

Also Read: SEC Lawsuit Against Binance Sends Bitcoin, Ethereum And BNB On A Roller Coaster Ride: Which One Will Prevail?

Zodia Custody is a subsidiary of the multinational British banking giant, Standard Chartered PLC SCBFF and is backed by entities such as Northern Trust and SBI Holdings.

Earlier in April, Blockdaemon introduced a wallet service to facilitate financial institutions and crypto custodians in overseeing their assets without necessitating third-party storage.

Read Next: Feeling Unprotected In Crypto? Evertas Steps Up With Massive $420M Insurance

Photo: Shutterstock

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Posted In: CryptocurrencyNewsMarketsBlockchainBlockdaemonCrypto CustodiansDigital Assetsnorthern trustproof-of-stakeSBI HoldingsWallet serviceZodia Custody
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