Foundry, the Digital Currency Group (DCG) subsidiary and cryptocurrency mining and consulting firm from Rochester, New York announced the launch of a new platform on Wednesday called Foundry Staking. The company says the product currently supports 20 blockchain networks and will provide digital asset staking and advisory services going forward.
Foundry Launches Staking Services
The New York-based Foundry has been making a number of moves in 2021 and partnering with a variety of crypto mining operations. Companies like Hut8, Bitfarms, Greenidge, and many others have joined forces with Foundry in recent times. Furthermore, in terms of Bitcoin hashrate, the firm’s mining pool Foundry USA is the fourth largest mining pool operating today with 12.67% of the network hash at the time of writing. The mining pool Foundry USA has 20.72 exahash per second (EH/s) in hashrate on November 11, 2021.
The new platform called Foundry Staking offers “white-glove services around various proof-of-stake (PoS) blockchain networks to institutions,” the announcement details. The service covers 20 blockchains so far, including PoS networks like Horizen, Solana, Helium, Flow, Livepeer, Near Protocol, Provenance, and The Graph. Essentially participants can earn PoS rewards from Foundry’s service connections to different networks and the company wants to make staking PoS networks “more accessible to institutions.”
“We have made significant investments in engineering talent and PoS infrastructure to replicate our mining success in the fast-growing staking industry,” Foundry’s CEO Mike Colyer said in a statement sent to Bitcoin.com News. “Foundry will continue to support the development and growth of staking teams, protocols, and companies, strengthening PoS networks around the world and maximizing value for our clients.”
Billions of Dollars Are Staked in PoS Protocols Today — Foundry Recognized Institutions Have a Need for Staking Services and ‘Ever-Evolving Environments’
Statistics from defillama.com indicate there are billions of dollars in crypto assets being staked today via various PoS protocols. Foundry Staking offerings are made for institutions, the press release notes and Foundry says it maintains the “institutional clients’ privacy.” According to the Foundry team, the company is working with the all-in-one prime brokerage firm, Genesis, in order to offer treasury management services such as “high-security custody, actionable insight for treasury management, staking strategies, and portfolio diversification.”
Adam Nemec, the VP of Business Development at Foundry Staking, detailed that the firm recognized that institutions have needs for these services. “In 2020, our engineering team began building our staking solution from the ground up in order to stake our own assets and support DCG. Now, after more than a year of honing and battle testing our solutions, we’re excited to bring this best-in-class offering to other institutions,” Nemec said.
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