Business News Report Technology
August 05, 2024

ChainUp Custody Partners With Babylon To Enable Institutional Participation In Bitcoin Staking

In Brief

ChainUp Custody partnered with Bitcoin staking protocol Babylon to offer institutional investors new method for engaging in Bitcoin staking.

ChainUp Custody Partners With Babylon To Enable Institutional Participation In Bitcoin Staking

Custody services provider ChainUp Custody announced a strategic partnership with the Bitcoin staking protocol Babylon. This joined effort aims to offer institutional investors an innovative method for engaging in Bitcoin staking.

Babylon is a protocol that allows Bitcoin holders to participate in staking, thereby contributing to over $1.3 trillion in economic security for other networks in exchange for a staking yield. This facilitates a secure and profitable way for BTC holders to support the broader blockchain ecosystem.

As part of their partnership, ChainUp Custody has incorporated the Babylon protocol into the ChainUp multi-party computation (MPC) wallet, creating a convenient staking platform.

Furthermore, through this partnership, Babylon will offer a new way for users to earn money by integrating Bitcoin into the Proof-of-Stake (PoS) mechanism, enhancing security and decentralization while attracting more users. The partnership is expected to ensure asset security by minimizing the risk of asset loss and improving operational efficiency. Babylon’s simple API will allow customers to manage their Bitcoin staking efficiently, saving both time and costs. Additionally, it provides increased income opportunities, allowing institutional customers to earn stable passive income and optimize their asset allocation.

Users will be able to access the Babylon Staking service via the Babylon Staking API, allowing them to stake Bitcoin and earn returns. The API supports staking, unstaking upon maturity, and early redemption. In the next phase, the ChainUp MPC wallet will introduce a console staking function.

A Blockchain Solutions Provider Empowering Businesses With Blockchain Technology  

ChainUp Custody represents a comprehensive blockchain solutions provider dedicated to empowering businesses via blockchain. It offers services and solutions that assist customers in mitigating risk and optimizing the capital efficiency of their digital assets. The firm has a variety of compliant solutions, encompassing digital asset exchange, Know Your Transaction (KYT), non-fungible token (NFT) trading, wallet services, liquidity management, Web3.0 infrastructure, digital asset custody, security token offerings (STOs), and more.

Last year, the firm secured the “Best Institutional Custody & Asset-Service Solution” award in the Digital Assets category. This recognition highlights its cryptocurrency solutions, which offer bank-grade security architecture and enhanced legal and compliance controls tailored to meet the needs of regulated entities.

Disclaimer

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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