In recent years, staking has become an increasingly popular way for cryptocurrency holders to earn rewards and generate passive income. With the launch of staking markets, the process has become more streamlined and accessible, bringing significant benefits to the cryptocurrency industry as a whole. The institutional version of MetaMask recently launched its betting marketplace as regulatory perception of proof-of-stake tokens evolves.
ConsenSys Launches First Institutional Participation Marketplace
MetaMask Institutional, which is ConsenSys’ web3 wallet designed for organizations, today announced the launch of its Institutional Participation marketplace. In collaboration with Allnodes, Blockdaemon, and Kiln, the first multi-custodial institutional web offering on the market will leverage ConsenSys Staking, along with ConsenSys’ own technology.
According to ConsenSys, a key feature of the new betting market is the standardization of terms and conditions. Johann Bornman, the product lead for MetaMask Institutional, stated that the fee rates would be easy to access and compare. johann said:
“It’s really hard for institutions to decide which provider to go with – the average spend on that is up to twenty hours. And you also have to make this very complex choice between different terms and conditions and different features on different betting providers.”
The introduction of the new betting marketplace coincides with the highly anticipated Shanghai hard fork of Ethereum, which project officials have also dubbed “Shapella.”
With the announcement of its institutional staking marketplace, MetaMask Institutional has become a potential gateway for the establishment of new Ethereum validators among its institutional clients.
Organizations using MetaMask’s professional wallet and custody solutions will now be able to monitor their ETH staking through a choice of four providers: ConsenSys Staking, Allnodes, Blockdaemon, and Kiln.
As of October 2021, MetaMask Institutional (MMI) is live, offering an advanced platform tailored to organizations and businesses that provides a broader range of controls and functionality.
Bornman noted that there was a shift towards 32 ETH holding from liquid holding, which he attributes not only to the Ethereum merger in 2022 but also to the upcoming Shanghai update.
After the Shanghai hard fork update, Ethereum validators will be able to withdraw their staked tokens and access earned staking rewards. This development will be a game changer for individual players who have staked the required 32 ETH, as previously they could only deposit and withdraw smaller amounts of ETH via LP pools. Bornman said,
“Our focus is solving ETH2 staking given how important we believe Ethereum data validation is today and will be in the future. We have designed the service to be able to easily and seamlessly expand to on-chain ETH staking solutions.”
MetaMask Institutional initially granted institutions access to DeFi pool staking via the popular Lido and Rocket Pool protocols in January 2023, offering them an entry into ETH LP pool staking.
This post ConsenSys MetaMask Institutional Launches Staking Marketplace, Brings Leading Vendors for Optimal Results
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