Digital Assets: ConsenSys Introduces Marketplace for Institutional Staking on MetaMask Institutional

MetaMask Institutional, the web3 wallet for organizations developed by ConsenSys, and the first multi-custodial institutional web3 offering on the market, launched its institutional staking marketplace in partnership with Allnodes, Blockdaemon, and Kiln.

The marketplace will also “leverage ConsenSys’ own technology with ConsenSys Staking (formerly Codefi Staking).”

This platform is designed “to simplify and provide unrivaled access to institutional staking.”

The nuances and complexity of institutional staking can “deter companies looking to participate.”

MetaMask Institutional’s marketplace will “level the playing field by bringing together these best-in-class partners to provide institutions with a simple one-click staking experience.”

Choosing the right vendor for institutional staking can be complicated “due to the differences in the fees charged, terms and conditions, rebates, and reporting standards.”

In addition, various staking providers “offer different benefits to institutions, ranging from differences in infrastructure (multi-cloud, multi-region, and multi-client) to certifications (SOC2 Type 2 and ISO 27001).”

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.”

Staking promises to be “an increasingly crucial foundation of the crypto industry.”

In September 2022, the Ethereum Merge “delivered several significant improvements, including transitioning the world’s second-largest cryptocurrency (ETH) from Proof-of-Work to Proof-of-Stake and reducing the network’s carbon footprint by 99.95%.”

The upcoming Shanghai/Capella Upgrade is “expected in March/April 2023 and will enable withdrawals of staked ETH.”

Since the Merge, the total amount of staked ETH has “grown by 4 million, reaching a current total of approximately 17.7 million.”

In anticipation of the upgrade, Ethereum staking “could experience a further surge in institutional adoption as it will offer greater flexibility and control over assets.”

This marketplace launch “comes just two months after MetaMask launched staking functionality for users, marking a significant step forward in the platform’s offerings for individual and institutional investors.”

MetaMask Institutional Product Lead Johann Bornman, said:

“The Ethereum Merge last year was one of the most profound accomplishments in the history of Crypto—resulting in increased economic security, reduced energy costs, and client diversity. With withdrawals coming soon, we believe institutional demand to secure the world’s computer will surge. We are delighted to work with these ‘best-in-breed’ staking partners. We believe MetaMask Institutional can play a unique role in providing unrivaled and seamless staking access to all organizations.”

On the side of staking service providers—Engaging with institutions “requires multiple custodial integrations.”

It also means institutions are “bound by the provider their custodian has chosen.”

However, MetaMask Institutional today is “integrated with 11 custody and self-custody platforms globally. This allows institutions seamless and unrivaled access to staking providers.”

Konstantin Boyko-Romanovsky, CEO and founder of Allnodes, said:

“We are excited to announce our collaboration with ConsenSys to launch the world’s first institutional staking marketplace on MetaMask Institutional. By leveraging our resilient and high-performance node infrastructure with ConsenSys’s intuitive user interface, institution-grade security, and extensive range of services, we aim to bring more people into the space and drive the growth of the Web3 ecosystem.”

Konstantin Richter, Blockdaemon Founder and CEO, said:

“Blockdaemon is committed to securely connecting institutions to crypto and DeFi with ever-increasing ease and simplicity. Metamask’s new Institutional Marketplace is an excellent way to experience how automated protocol solutions can incentivize institutions to participate in securing the Ethereum network. We couldn’t be prouder to be one of the partners to bring Metamask’s Institutional Marketplace to life.”

Laszlo Szabo, co-founder and CEO of Kiln, said:

“Our mission at Kiln is to make enterprise-grade staking seamless and secure for everyone. We are delighted to integrate Kiln’s ETH staking platform with MetaMask Institutional’s product and network. This integration allows enterprise customers worldwide to help secure the Ethereum network and be rewarded for it. It’s a great milestone to meet an ever-increasing demand as the Shanghai upgrade approaches.”

In addition to the marketplace, MetaMask Institutional is “introducing a more powerful Web3 Portfolio Dashboard, offering a range of cutting-edge tools that will enable organizations to better manage how they interact with web3.”

MetaMask Institutional’s Web3 Portfolio dashboard will “offer institutional controls, portfolio management, digital asset monitoring, and transaction reporting, all in one place. These new features will go-live on March 27th.”

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