Zodia Custody will provide staking services via Blockdaemon to its institutional clients.

The cryptocurrency storage provider, Zodia Custody, has announced that it will be offering crypto staking services to institutional clients through a partnership with infrastructure provider, Blockdaemon. According to an email announcement on Tuesday, the two firms are aiming to capitalize on the increasing institutional interest in staking, which involves offering digital assets to help run a blockchain network in return for rewards. The interest in staking has grown since the Ethereum blockchain completed its transition to a proof-of-stake system in September, and the amount of ether (ETH) staked had surged by 4.4 million to 22.58 million ($42 billion) as of May 23 following the network’s Shapella upgrade on April 12. Zodia Custody, a subsidiary of UK-based multinational bank Standard Chartered and backed by Northern Trust and SBI Holdings, claims to be the first bank-owned custodian to offer staking services to institutional clients. In April, Blockdaemon launched a wallet service to help financial institutions and crypto custodians manage their assets without the need to store them with a third party.

Read More: Ethereum Staking Needs Its (Honest) LIBOR

Edited by Sheldon Reback.

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