ConsenSys' New Staking Service Receives Support from Big Names Like Binance and Crypto.com

ConsenSys' New Staking Service Receives Support from Big Names Like Binance and Crypto.com

By Abhimanyu Krishnan | News | 17 Jun 2020


Blockchain development company ConsenSys on June 16 announced a new staking service in preparation for Ethereum 2.0. Primarily for exchanges, custodians and wallet provides, the staking-as-a-service platform has been backed by some of the most prominent names in the industry, including Binance, Crypto.com, Huobi Wallet, DARMA Capital, Matrixport, and Trustology.

The staking pilot will involve the aforementioned parties as its initial members, who will provide feedback and feature requests to ConsenSys Codefi, according to the official press release. 

The platform is designed for institutional service, with the intention being “to provide a white-label institutional grade API, with easy and efficient access to the Ethereum 2.0 network.” It adds that this will “enable enterprises to safely and profitably engage with the next phase of Ethereum’s evolution.”

Staking will be offered via direct API integration or a white-label UI, and offer 99% uptime for validators. The minimum amount of Ethereum required for staking on ETH 2.0 will be 32 ETH, but Codefi wants to make the process as pain-free as possible. The minimum amount for staking has been decided as such to ensure network security.

Binance CEO Changpeng Zhao said that he looked forward to staking services being offered in a convenient manner to the exchange’s users, 

With staking on Binance, users can receive staking rewards without needing to set up nodes, or worrying about minimum staking amounts, time lengths, or any catches. Users deserve the rewards that their coins can earn them. With the eventual launch of Ethereum 2.0, we are excited to support staking for all of our ETH holders on Binance.

Ethereum 2.0 will see a staggered release over 2020 and going into 2021. The change to a Proof-of-Stake mechanism is one of the most anticipated changes. ConsenSys is leading development for Ethereum 2.0 solutions, and has also launched a platform called Codefi Compliance, which provides compliance tools and analytics for the decentralized finance (Defi) space.


Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


News
News

Official Publish0x Crypto News Channel

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.