Galaxy Digital taps Zodia Custody to expand staking services in Europe
Quick Take
- Galaxy Digital has integrated Zodia Custody, an institutional-grade blockchain services provider, to bolster its staking offerings in Europe.
- Staking represents a growing business line for the crypto conglomerate, which now manages nearly $5 billion worth of staked assets.
Galaxy Digital announced Wednesday that it has integrated Zodia Custody, an institutional-grade blockchain services provider, to bolster its staking offerings in Europe. This enables Zodia’s customers to earn staking rewards while maintaining custody of their assets.
Zodia is a leading custodian in Europe, backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD.
According to the companies, this partnership lays the foundation for “future collaboration,” including advancements in exchange-traded products that incorporate staking and lending functionality as well as other yield-bearing instruments.
“Expanding our footprint in Europe is a strategic priority,” Galaxy’s head of blockchain infrastructure, Zane Glauber, said in a statement. “By combining Zodia Custody’s security and risk framework with Galaxy’s market-leading staking and trading capabilities, we’re providing institutions with a differentiated and streamlined way to participate in digital asset staking while remaining aligned with regional custody and regulatory requirements.”
Galaxy, the blockchain conglomerate with staking and lending divisions, is a significant player in the crypto staking ecosystem. The company manages approximately $4.2 billion worth of staked digital assets. For instance, the firm is now the top Solana validator as of June 2024 after acquiring 3 million SOL tokens from the FTX estate sale.
Notably, in February, Galaxy and BitGo Trust teamed up to enable BitGo clients to leverage Galaxy’s staking infrastructure. The Block was the first to report that approximately half of BitGo’s business is dominated by staking.
Galaxy is looking to uplist to the Nasdaq in May.
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