On June 6, London’s leading cryptocurrency storage provider, Zodiac Custody, signed a partnership agreement with the blockchain firm Blockdaemon. Under the partnership agreement, Zodia and Blockdaemon agreed to invest in developing crypto-staking services that meet the ever-changing needs of institutional investors.
Zodia Partners with Blockdaemon to Launch Staking Services
Following the recent upgrade on the Ethereum network and the rollout of proof of stake technologies, the crypto proponents have developed a tremendous interest in staking activities. Earlier in May, it was reported that over 22.58 million Ether, which translates to $42 million, were invested in crypto staking. After the launch of the Ethereum Shapella upgrades on April 12, it was observed that staking ETH increased by 4.4 million Ether.
The growing interest in crypto staking activities has inspired Zodiac to explore promising opportunities in the staking sector. Primarily the crypto firm plans to bridge the gap in institutional staking services by providing cutting-edge solutions.
According to Zodiac, the partnership with the forward-thinking firm would enable the crypto firm to develop revolutionary digital assets that support multiple blockchain networks. In addition, the partners plan to develop a unique platform where the user can earn rewards from their returns.
Benefits of the Partnership
The June 6 announcement revealed that the partnership between Zodiac and Blockdaemon aimed to increase blockchain technology adoption among institutional clients. The partnership will support Zodia in managing liquidities more effectively.
Notably, Zodia Custody, an affiliate company of Standard Chartered, ranks as the first custodial bank to provide innovative staking services to diverse institutional clients. On the other hand, Blockdaemon has been pursuing various ways to support the growth of the crypto custodial sector.
Blockdaemon released a digital wallet service a few months ago that will provide banks and crypto firms with a platform to manage their digital assets. The team behind the new wallet service confirmed that Blockdaemon’s latest development aimed at eliminating intermediaries.
Factors Contributing to High Adoption of Staking Services
In light of the partnership agreement, Blockdaemon plans to leverage its vast expertise and groundbreaking technologies to support Zodia in improving its staking services. Also, Blockdaemon’s group would support Zodiac to create a secure and reliable staking platform.
Staking is a process that compels the user to lock their digital assets to support the functionality of the blockchain network. Crypto staking activities play a crucial role in the validation of transactions.
Surprisingly the staking service provides the user with attractive rewards, which include earning extra crypto assets. Recently high adoption of proof-of-stake (PoS) services has hampered the high demand for staking services. The launch of Zodia staking services positions the crypto firm among other industrial heavyweights seeking curb the high market demand for crypto staking.
