Zodia Custody, a cryptocurrency storage provider backed by multinational bank Standard Chartered, Northern Trust, and SBI Holdings, has announced a partnership with infrastructure provider Blockdaemon to offer crypto staking services to institutional clients. This move is in response to the growing institutional interest in staking, which is the process of offering digital assets to help run a blockchain network in return for rewards.
The Ethereum blockchain’s transition to a proof-of-stake system in September has further increased interest in staking. Following the network’s Shasper upgrade on April 12, the amount of ether (ETH) staked had surged by 4.4 million to 22.58 million ($42 billion) as of May 23.
Zodia Custody is the first bank-owned custodian to offer staking services to institutional clients. Blockdaemon, meanwhile, has rolled out a wallet service to help financial institutions and crypto custodians to steward their assets without needing to store them with a third party.
We are excited to partner with Blockdaemon to offer staking services to our institutional clients, said Zodia Custody CEO, David Fauchier. This partnership will enable us to provide a comprehensive suite of services to our clients, allowing them to benefit from the rewards of staking without compromising on security.