FalconX is pleased to be the first custodian to offer custody and staking support for Bittensor (TAO), providing institutional investors and ecosystem participants with secure, institutional-grade solutions for asset storage and earning staking rewards.
This quick integration – completed in around two weeks – demonstrates FalconX’s speed and technical expertise in bringing various new protocols onto its all-digital custody platform.
TAO represents growing investor interest at the intersection of artificial intelligence and digital assets.
Bittensor’s four-fold increase in market cap since November of 2023 underscores the potential of effectively decentralizing AI (artificial intelligence) development in order to “create a safer and more stable future for the technology.”
Luke Besser, Co-Founder of Cosimo Capital said:
“As a TAO validator, having a secure, institutional-grade custody solution is critical for safeguarding our assets. With FalconX, we can now safely store and trade our TAO tokens and earn staking rewards directly from custody, ensuring both security and operational efficiency.”
Ben Dapkiewicz, General Manager, Custody at FalconX said:
“With the integration of TAO, FalconX drives adoption by enabling institutional investors to engage with the TAO ecosystem in a secure and seamless way. Coupled with our full suite of prime services across trading, credit, and holistic treasury management solutions, we support the growth of innovative protocols in every step of their journey.”
FalconX Custody is described as an institutional-grade, regulated custody solution with seamless integration “across its suite of prime services across trading, financing, and risk management, delivering optimal capital and operational efficiency.”
As clarified in the update, digital assets staking as well as custody services may not be available for all crypto tokens and may also be “subject to other jurisdiction restrictions.”
As mentioned in the announcement, staking involves considerable risks (like most other crypto-assets products and services) including the following: lock-up periods, “potential slashing penalties, security vulnerabilities, and impacts from network changes.”
