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Cryptocurrency storage provider Zodia Custody said it will offer crypto staking to institutional clients through an agreement with infrastructure provider Blockdaemon.
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The two firms are attempting to capture the growing institutional interest for staking – the process of offering digital assets to help run a blockchain network in return for rewards – according to an emailed announcement on Tuesday.
Interest around staking has increased since the Ethereum blockchain completed its transition to a proof-of-stake system in September. Following the network's Shapella 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, which is a subsidiary of U.K-based multinational bank Standard Chartered and is also backed by Northern Trust and SBI Holdings, claims to be the first bank-owned custodian to offer staking services to institutional clients.
In April, Blockdaemon 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.