Fireblocks launches staking services, adds support for Eth2, Polkadot and Tezos

Crypto security firm Fireblocks has added staking capabilities to its platform, with initial support for Ethereum 2.0 (Eth2), Polkadot (DOT), and Tezos (XTZ) coins.

The firm has partnered with staking infrastructure providers Staked and Blockdaemon for the new offering. Fireblocks said its more than 165 institutional customers will now be able to earn 5% to 15% staking rewards.

Staking is a way of increasing holdings of proof-of-stake coins by becoming a validator on a blockchain network. It can be seen as similar to the mining of proof-of-work coins such as bitcoin.

Setting up staking infrastructure is "complicated," said Fireblocks, adding that it requires two to three full-time employees to integrate and manage blockchain validator nodes. With its service, Fireblocks said clients will be able to leverage its security technology, along with other services such as trading and lending.

Given "significant" customer demand, Fireblocks said it would add staking support for more coins later this year.

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Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.