Fireblocks launches staking services, adds support for Eth2, Polkadot and Tezos

Cryptocurrency • January 14, 2021, 9:00AM EST
UPDATED: January 14, 2021, 9:08AM EST
The Block

Crypto security firm Fireblocks has added staking capabilities to its platform, with initial support for Ethereum 2.0 (Eth2), Polkadot (DOT), and Tezos (XTZ) coins.

The firm has partnered with staking infrastructure providers Staked and Blockdaemon for the new offering. Fireblocks said its more than 165 institutional customers will now be able to earn 5% to 15% staking rewards.

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Staking is a way of increasing holdings of proof-of-stake coins by becoming a validator on a blockchain network. It can be seen as similar to the mining of proof-of-work coins such as bitcoin.

Setting up staking infrastructure is "complicated," said Fireblocks, adding that it requires two to three full-time employees to integrate and manage blockchain validator nodes. With its service, Fireblocks said clients will be able to leverage its security technology, along with other services such as trading and lending.

Given "significant" customer demand, Fireblocks said it would add staking support for more coins later this year.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.