Cryptocurrency custody provider Finoa has developed a unit for building infrastructure to support proof-of-stake (PoS) networks. The unit has been developed with the help of Andreas Dittrich and Daniel Schrader, who are former employees of Deutsche Telekom’s blockchain team.
The unit is called Finoa Consensus Services subsidiary and will offer liquid staking by working with PoS specialist StakeWise.
Dittrich is managing director of this new division which will run validators on the Ethereum network and become a Stakewise operator for both Gnosis and Ethereum.
Dittrich said, “In our opinion, liquid staking will be on every single PoS network out there within a year or two.”
“Right now, this might be a new thing, but it will be abundant and very normal in the future. You can’t do without liquid staking.”
Dittrich feels that the pure infrastructure part of staking might remain a technical or IT service, however liquid staking is “pretty close to becoming a financial service”.
With this in mind, Dittrich explains how Finoa is gearing up for “institutional clients who want to actively support proof of stake networks but also want to do more with their assets.”
Explaining the shift from Deutsche Telekom to Finoa, Dittrich says, “It was great working for Deutsche Telekom, with this awesome power behind you and being able to steer it once in a while.”
“But really, the speed at which you can move stuff in a company like Finoa is enormous and it’s fully crypto native. Something that had always been pretty exhausting at Deutsche Telekom was having to convince people, ‘do we want to do that blockchain thing?’”
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