Ethereum as a Service Platform SKALE Network to Use Custody Support Services from Finoa for SKALE’s Native Token

Finoa has partnered with Skale Labs in order to offer institutional-grade custody support for SKALE, which is the native token that’s used to power the SKALE Network.

The SKALE Network is an Ethereum-as-a-service platform that has been developed to support the “exponential” growth of the Ethereum (ETH) blockchain network and ecosystem. SKALE Network developers aim to “ease network traffic and significantly lower transaction costs.” They claim that their efforts should help developers with bringing decentralized applications (dApps) to market that can “live up to the high consumer demands.”

As stated in a release shared with Crowdfund Insider:

“With a sophisticated and effective approach to Proof of Stake, combining a pooled validation model with random note selection and frequent note rotation, the SKALE Network ensures that it is scalable, secure, and economically efficient. A testament to that is SKALE’s recent Phase 2 mainnet launch that went live with over $80 Million in Total Value Locked, resulting in one of the most distributed decentralization efforts at the launch of a blockchain network to date.”

The announcement further noted that Finoa will be offering professional investors an opportunity to stake their allocations and “deliver security to the SKALE Chains in a seamless, safe, and secure manner directly from Finoa’s secure infrastructure.”

CEO of SKALE Labs Jack O’Holleran stated that offering blockchain network participants an ecosystem of suitable products for every interaction is “incredibly” important to the SKALE Community which is why working cooperatively with Finoa made “a lot of sense.”

The release also mentioned that Finoa’s user-friendly digital asset custody solution will aim to offer SKL token investors a “secure” and “compliant” way to hold and manage their assets, while being able to access them easily for use within the network.

Finoa Co-Founder and Co-CEO Christopher May remarked:

“In collaboration with Skale Labs, we are excited to add another promising project to our platform and enable investors to securely store and stake their SKALE tokens with us.” 

May added that the SKALE Network’s high-performance architecture aims to solve some of the speed and network congestion problems with the Ethereum blockchain. He also noted that it offers developers a set of tools to “power the next wave of innovative applications.”

Finoa is a regulated custodian for crypto-assets. The company provides services to professional investors with Custody and Staking. The Finoa platform allows users to store and manage their digital assets in a secure manner. The company claims its services are “highly intuitive” and offer a “unique” user-experience, allowing “seamless” access to the ecosystem of decentralized finance (DeFi).

Finoa claims that it works with established VC firms, large corporations and financial institutions. Founded in Berlin in 2018, the company has received a “preliminary” crypto-asset custody license and it’s being supervised by the German Federal Financial Supervisory Authority (BaFin).

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