Coinbase Cloud Joins Kiln On-Chain Platform to Provide Staking for Self-Custodial Crypto Wallets

Enterprise-grade staking platform Kiln announced that Coinbase Cloud has integrated Kiln’s On-Chain Platform into its product offering, “marking a significant milestone for Coinbase Cloud in streamlining and simplifying the Ethereum staking process.”

Kiln On-Chain is a suite of smart contracts designed “to connect integrators and operators, providing a customizable staking experience on the Ethereum network.”

Kiln On-Chain’s fully smart-contract based approach “ensures complete transparency throughout the staking process, aligning with the demand for openness and accountability in the staking industry.”

Through this product, Coinbase Cloud can “bring onchain partial ETH staking capabilities to their clients, with limited engineering effort needed to integrate.”

This integration will enable Coinbase Cloud “to distribute its staking services to integrators such as its own Coinbase Wallet, and beyond to other self-custodial wallet providers in the ecosystem.”

Laszlo Szabo, CEO and Co-founder at Kiln, said:

“We are thrilled to have worked with Coinbase Cloud and to welcome them as the first (non-Kiln) node operator leveraging the Kiln On-Chain Staking Platform. This integration with Coinbase Cloud is unique because it allows them to enable other wallets and services, including DEXes, with the same limitless ETH staking solution offered by Coinbase Wallet. We are dedicated to democratizing staking access for all Ethereum users.”

Transparency plays a crucial role in Kiln’s approach, “which Coinbase Cloud recognizes for the value that it brings to the table.”

Kiln On-Chain ensures that all operations, “including validator management, deposits, and commission dispatching are all carried out on-chain via smart contracts, leaving all activities transparent and auditable.” Moreover, Kiln’s smart contracts have “been successfully audited by Spearbit, further bolstering their reliability and security.”

Nick Boccardi, Senior Product Manager at Coinbase Cloud, said:

“We are thrilled to join the Kiln On-chain platform as their first node operator. Leveraging Kiln’s smart contract expertise alongside Cloud’s node operator expertise allows us to offer a best-in-class staking solution for wallet integrators. My team and I were amazed by the ease of the onboarding process.”

The core of Kiln’s On-Chain solution lies “in collection of smart contracts that simplifies the management of white-labeled Ethereum validators, node operators, and end-user stakes.”

This Kiln On-Chain suite offers “a composable set of options” when designing a white-labeled staking product:

  • Enabling users to stake any amount of ETH
  • Representing staked positions with or without a receipt token
  • Providing operators with access to real-time reporting data, granting valuable insights into their staking operations.

There are 4 different steps for operators to complete in order to launch a staking offering in less than 3 weeks:

  • Step 1 – Onboarding phase: The onboarding process for operators like Coinbase Cloud is straightforward and can be completed within a week. It consists of deploying an operator contract. This contract allows them to register their available validators for funding.
  • Step 2 – Integration Phase: Integrators can integrate with the operator’s applications by using Kiln’s audited Integration Contracts. This allows integrators to compose their own staking offers tailored to their specific requirements.
  • Step 3 – Reward Phase: Once all the previous phases have been completed, everyone involved, including operators, integrators, and customers, can start earning rewards. Integrator commissions are computed on top of the operator’s commission and distributed on-chain in the Integration Contract. Operator commissions are calculated based on staking rewards and distributed on-chain in the Applications Contracts.

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