Fireblocks Announces POS for Polkadot, Tezos and Ethereum 2.0 Rewards for Institutional Clients
Fireblocks, an institution-focused cryptocurrency custodian and digital asset security firm, has announced Fireblocks POS that allows its customers to earn Polkadot, Tezos, and Ethereum 2.0 by wagering rewards directly from their Fireblocks account.
Fireblocks announced the news in a blog post Thursday January 14th. According to the announcement, the company is partnering with POS infrastructure providers Staked and Blockdaemon to offer hosted Proof-of-Stake (PoS) services for Ethereum 2.0, Polkadot (DOT), and Tezos (XTZ) tokens.
With Fireblocks POS, customers can get between 5% and 15% return on average when wagering ETH, DOT and XTZ tokens directly from their wallets based on MPC Fireblocks without the need to implement engineering sources.
Fireblocks considers the current stakeout operation to be flawed at a business or institutional level, as the complexity of the process requires a significant investment in engineering resources, which costs money and time. That's why many teams avoid gambling entirely and miss out on the passive income stream that this space offers. Therefore, with Fireblocks POS, the company aims to provide an easy way for its institutional clients to earn participation rewards directly from a single platform.
As Fireblocks is an institution-focused crypto custodian, these services are for Fireblocks customers who collectively have a significant balance of crypto assets. Fireblocks currently maintains more than 160 custodian clients. The company's custodian clients include Celsius, BlockFi, Salt, Nexo, Revolut and B2C2, Coinflex and Galaxy.
According to CEO Michael Shaulov, while most of his clients have Bitcoin, Fireblocks manages more than $ 1 billion in assets in DOT, XTZ, and ETH. To participate in staking, clients must allocate their tokens from their Fireblocks wallets, specifically for staking.
Fireblocks stakeout integrations identify wallets or tokens that are locked or assigned for stakeout. Fireblocks partners Blockdaemon and Staked then activate those funds to stake rewards. Customers must have an account with Staked or Blockdaemon to bet through Fireblocks. They will keep custody of their funds on Fireblocks wallets and will also be provided an interface with Staked and Blockdaemon to see how they are performing within the staking provider's platform.
Konstantin Richter, CEO and founder of Blockdaemon, commented:
“Fireblocks is a leading pioneer in providing secure digital infrastructure for institutional operations, lending and borrowing and we are delighted to partner with them in supporting clients with our node management and stake validator. Having a close collaboration with a leader in the space is essential to driving revenue potential at a fast pace.
Tim Ogilvie, CEO of Staked, stated:
"Fireblocks has a well-established reputation for infrastructure delivery and we are delighted to support this new offering for its many corporate and institutional customers."
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