Zodia Custody, a leading firm in cryptocurrency asset management, announced plans to extend staking services to its institutional clientele, courtesy of a partnership with infrastructure solutions provider Blockdaemon.
This move is designed to tap into the burgeoning institutional fascination with staking, which is the act of pledging digital assets to support the operations of a blockchain network with rewards as a return incentive, Coindesk reported.
Staking has come into prominence since Ethereum‘s blockchain transitioned into a proof-of-stake model in September.
The Shapella upgrade, implemented on April 12, led to a massive increase in the amount of staked Ethereum (CRYPTO: ETH) by 4.4 million, amounting to 22.58 million (worth $42 billion) by May 23.
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Zodia Custody is a subsidiary of the multinational British banking giant, Standard Chartered PLC (OTC:SCBFF) and is backed by entities such as Northern Trust and SBI Holdings.
Earlier in April, Blockdaemon introduced a wallet service to facilitate financial institutions and crypto custodians in overseeing their assets without necessitating third-party storage.
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