Coinbase Cloud, Figment Back New Liquid Staking protocol
Coinbase Cloud, Figment Back New Liquid Staking protocol
- The founding team of Alluvial includes former executives of Figment, Kiln and Index Cooperative
- The new protocol requires that activating embedded KYC and AML exams
The Cloud Department of Crypto Exchange Coinbase works with Figment to support the founders and operators in building the so-called first liquid staking protocol for companies.
The news was announced on Tuesday during the Permission Less event of Blockworks in West Palm Beach. The software development company Alluvial builds the new protocol that the company ultimately wants to manage from a decentralized autonomous organization (DAO).
Liquid Staking on Ethereum rose from less than 1 % market share in January 2021 to over 30 % dune analytics data .
"There is a growing demand for institutions and companies that want to access Liquid Staking but did not have a solution that compliance and security standards fulfilled," Mara Schmiedt, senior manager of Coinbase Cloud, told Blockworks. "With alluvial we enable this access and focus on opening up the next wave of the introduction and financial innovation in this area."
Coinbase acquired the blockchain infrastructure platform bison trails in January 2021 to become the founding team and the platform from Coinbase-cloud . The company offers web3 application programming interfaces (APIs), services and infrastructure for software developers.
Figure focuses on offering staking and application layer solutions for token owners and developers that build on web3 technology. The company collected $ 110 million in a series C round in December, which increased its post-Money rating to $ 1.4 billion.
Alluvial is headed by Matt Leisinger, former head of the Liquid Staking Products area at Figment; Nicolas Maurice, former Chief Technology Officer of the Staking-As-A-Service platform Kiln; and Mike Taormina, former head of the institutional business at Index Cooperative.
liquidity is the key to beating up the next chapter of financial innovation in Web3, the companies said.
The protocol without custody enables users to place their tokens and receive receipt token who demonstrate the possession of the tokens used. You can then use this receipt token to take part in the wider web3 economy.
All participants must activate embedded know-your-customer (kyc) and anti-money laundering (AML) exams.
Planning Coinbase Cloud and Figment, carrying out staking services in the network and performing validators with customers across regions and cloud providers. Further security-oriented validator operators are added to the protocol over time.. .
The Post Coinbase Cloud, Figment Back New Liquid Staking Protocol is not a financial advice.