Blockdaemon Blog

Institutional Wallet™ Adds Cold Staking, Transaction Risk Assessment and More

Product Updates
Jun 18, 2024
Today, we announce the latest updates to the Blockdaemon Institutional Wallet™: cold staking, transaction risk assessment, and more.

2024 is proving to be the comeback year for institutional investment in blockchain, and the Blockdaemon Institutional Wallet™ is adding critical new features to make your Web3 experience more rewarding, safe, and operationally efficient than ever. 

The latest release of Institutional Wallet™ adds support for innovative new features, such as cold staking, transaction risk assessment, Android Approver App, and recurring transaction automation. 

Cold Staking

Staking is a great way to participate in the Proof of Stake (PoS) ecosystem and secure rewards. 

Blockdaemon, a long-standing market leader in staking, previously enabled ETH staking directly from online, connected Institutional Wallets™. Our latest release allows staking directly from cold, offline configurations of Institutional Wallet™, maximizing rewards, security, and compliance.

Cold staking benefits wallet users by eliminating the need to transfer digital assets from cold wallets to online wallets for staking. In certain markets, like Japan, where regulations require digital asset service providers to hold at least a defined percentage of their client’s digital assets in offline or cold wallets, this feature is a total game changer. Exchanges, custodians, and institutions can stake directly from the cold wallets, monitor rewards through the online wallet interface, and unstake ETH without ever bringing digital assets or private keys online, ensuring operational efficiency, maximum security, and regulatory compliance.

Chainalysis Transaction Risk Assessment

Financial institutions, asset management firms, exchanges, and institutions in general want to avoid transactions with prohibited or suspicious parties and other potential compliance violations. 

Chainalysis provides compliance tools to evaluate outbound transactions based on parameters like destination address reputation, transaction size, and abnormal activity patterns. These services significantly reduce transaction risks and compliance issues for institutions.

This latest release allows linking the wallet with your Chainalysis service, applying risk assessment resources within the wallet’s transaction creation and policy enforcement process. This integration enables institutions to use Chainalysis outbound transaction risk assessment services within the wallet, streamlining the assessment process.

Policies enable institutions to apply risk assessment uniformly or on select transactions. Subscription to Chainalysis for the risk assessment services is required separately and is independent of Blockdaemon’s Institutional Wallet™ fees.

Android Mobile Approver App Support

Institutional Wallet™ has supported the Apple iOS mobile devices for authentication and transaction approval since its introduction. This latest release also adds support for Android mobile phones using the Mobile Approver App. 

This feature gives institutions flexibility, allowing wallet users and transaction approvers to choose between Android and iOS.

Recurring Transaction Automation

As markets and use cases mature, the need for recurring transactions to the same parties will likely increase. The latest release supports the option to automate the creation of recurring transactions, improving operational efficiency and reducing errors. 

Wallet users can create customized transaction schedules with options for daily, weekly, monthly, and other intervals. This feature applies to both inbound and outbound transactions, offering comprehensive automation capabilities.

Available for Evaluations and Deployment

The latest release of Institutional Wallet™ is now available for production deployment. This release builds on the Institutional Wallet™ platform to enhance scope, security, operational efficiency, and compliance. 

We encourage interested parties to evaluate these and other features of Institutional Wallet™ using our hosted wallet sandbox. Sign up today for your free 30 day evaluation here!


Get Started with Blockdaemon Today!

Contact us to learn how we can help you power your blockchain business.
Unparalleled Security & Compliance
Seamless Integration & Scalability
Dedicated Customer Support