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Fireblocks launches staking services, adds support for Eth2, Polkadot and Tezos


www.theblock.co 15 January 2021 09:10, UTC
Reading time: ~1 m

Crypto security firm Fireblocks has added staking capabilities to its platform, with initial support for Ethereum 2.0 (Eth2), Polkadot (DOT), and Tezos (XTZ) coins.

The firm has partnered with staking infrastructure providers Staked and Blockdaemon for the new offering. Fireblocks said its more than 165 institutional customers would now be able to earn 5% to 15% staking rewards.

Staking is a way of increasing holdings of proof-of-stake coins by becoming a validator on a blockchain network. It can be seen similar to the mining of proof-of-work coins such as bitcoin.

Setting up staking infrastructure is "complicated" and requires two to three full-time employees to integrate and manage blockchain validator nodes, said Fireblocks, adding that its service will help clients leverage its security technology along with other services such as trading and lending.

Given "significant" customer demand, Fireblocks said it would add staking support for more coins later this year.

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