ConsenSys Launches First Institutional Staking Marketplace

By March 22, 2023Ethereum
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ConsenSys, an Ethereum and decentralized protocols software company, has launched what it called the first marketplace for institutional cryptocurrency staking . The marketplace was launched under MetaMask Institutional, the multi-custodial institutional web3 wallet developed by ConsenSys.

ConsenSys disclosed in a blog update published on Wednesday noted that the marketplace was launched in partnership with non-custodian staking and blockchain node infrastructure provider, Allnodes, blockchain infrastructure firm, Blockdaemon, and enterprise-grade staking platform, Kiln. The institutional staking marketplace is also supported by ConsenSys Staking, the software company’s technology for staking.

In addition, ConsenSys noted that the marketplace has been integrated with 11 custody and self-custody platforms across the world in order to provide institutional investors with “seamless and unrivalled access to staking providers.”

Speaking on its motive for introducing MetaMask Institutional, ConsenSys explained that institutional investors have been discouraged from participating in stalking as a result of varying fees, terms and conditions, rebates and reporting standards offered by vendors. In addition, various staking service providers offer different benefits to institutions in areas such as infrastructure and certification, among others. However, the company says its marketplace was designed to address these issues.

“MetaMask Institutional’s staking marketplace will reduce this complexity by streamlining access to top-tier staking providers; offering standardized terms and conditions, institutional-grade reporting; and a simplified staking experience—to facilitate broader institutional web3 participation,” ConsenSys explained.

Furthermore, ConsenSys noted its plans to launch features such as institutional controls, portfolio management and digital asset monitoring on its MetaMask Web3 Portfolio dashboard on March 27th.

ConsenSys Eyes Upcoming Shanghai Upgrade

According to ConsenSys, the Ethereum Merge which happened in September last year shot up the total amount of staked Ether (ETH) on the Ethereum Blockchain by four million. The number currently stands at 17.7 million, the software company noted. The Merge moved the Ethereum blockchain from a Proof-of-Work to a Proof-of-Stake system.

ConsenSys believes that the Shanghai upgrade to the decentralized, open-source blockchain expected sometime this month or next month can further boost institutional participation in Ethereum staking. Industry stakeholders expected the upgrade or hard fork to enable ETH holders to un-stake their assets for the first time. This upgrade “will offer greater flexibility and control over assets,” ConsenSys noted.

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