London-based cryptocurrency storage provider, Zodia Custody, has joined forces with infrastructure provider Blockdaemon to offer crypto staking services to institutional clients.
In an official announcement on Tuesday, the partnership aims to tap into the rising institutional demand for staking, which involves providing digital assets to support blockchain networks and earning rewards in return.
Since the Ethereum blockchain’s shift to a proof-of-stake system, staking interest has grown significantly, with a surge of 4.4 million ETH to a total of 22.58 million ETH ($42 billion) staked as of May 23, following the network’s Shapella upgrade on April 12.
Zodia Custody, a subsidiary of the renowned multinational bank Standard Chartered and backed by Northern Trust and SBI Holdings, proudly asserts its position as the first bank-owned custodian to offer staking services to institutional clients.
Blockdaemon, on the other hand, recently introduced a wallet service designed to assist financial institutions and crypto custodians in securely managing their assets without relying on third-party storage solutions.
The partnership between Zodia Custody and Blockdaemon underscores institutional investors’ increasing acknowledgment of staking as they embrace blockchain technology and actively engage in the crypto ecosystem to pursue attractive rewards.