Staking DOT has become much easier for institutions as crypto custodian Fireblocks announced the launch of new proof-of-stake capabilities on the platform thus enabling the institutional clients to stake crypto so let’s read more in today’s altcoin news.
The service rolled out thanks to Polkadot, Ethereum 2.0, and Tezos and also promises a yield increase that ranges between 5 and 15 percent. While crypto staking is considered a new thing in the industry, there’s an increase in a number of institutions and enterprises were expressing their interest in the service. Fireblocks is an enterprise-grade platform for storing, moving, and issuing digital assets said that the demand from customers pushed them to introduce the service to the platform.
In a press release, the platform explained that the launch of hosted proof-of-stake services for Polkadot, Tezos and ETH 2.0 and will enable staking to their 165 enterprises and institutional clients with the platform partnering with infrastructure providers Blockdaemon and Staked. Fireblocks CEO Michael Shaulov said:
“We are launching staking wallets to Fireblocks customers who collectively hold a significant balance of crypto assets.”
He noted that the majority of Fireblock’s clients hold BTC with the company has over $1 billion in assets between XTZ, ETH, and DOT. This comes as no surprise considering the fact that major customers like BlockFi, Nexo, Salt, BlockFi, and Galaxy Digital are some of them. Michael Saylor who is the CEO of Fireblocks said that setting up the staking is requiring a huge degree of security in storing the asset and delegating it to staking nods or operators so this has been one of the main obstacles for institutions that are looking to diversify their portfolios and enter staking.
Staking DOT is now easier than ever with the new service utilizing Fireblocks’s MPC-based wallets and the company also claims that all of the assets staked on the platform will be protected from cyber-attacks and human error. All of this will turn well for polkadot whose massive price increase will make it interesting for institiutions that are looking to access blockchain technology. with a stable annualized staking reward rate and the growing ecosystem, Polkadot has a strong potential in becoming the main platform for enterprises. The same goes for ETH 2.0 and Tezos as they also could see an interest in staking in the next few months.
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