Blockdaemon Blog

Zodia Custody to Offer Staking to Institutional Clients Through Blockdaemon

Product Updates
Jun 6, 2023
By:
Conor
Keville
&
Zodia Custody, has partnered with Blockdaemon, the leading institutional-grade blockchain infrastructure company, to become the first bank-owned and FCA-registered custodian to offer staking services to institutional clients.

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.

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