Just last Tuesday (April 29), Taurus, a top crypto custody company, announced their partnership with Figment, a well-known staking service provider. This partnership will enable banks to seamlessly stake Ethereum, Solana and other proof-of-stake (PoS) tokens. This partnership provides a trusted way for regulated financial institutions to offer their customers access to staking services, without ever taking custody—or ownership—of assets.
The collaboration adds Figment’s staking infrastructure into the Taurus PROTECT platform for crypto custody, enabling secure staking. For banks that custody Ethereum, Solana or any other PoS tokens on Taurus, they can simply receive staking rewards on their assets. Since the staked assets never leave Taurus’ highly secure custody environment, compliance and security are bolstered.
This initiative comes in direct response to the critical and growing demand for institutional-grade staking infrastructure. Most of the Solana tokens in circulation, roughly 64.98%, are staked at the time of writing. Until recently, Solana’s staking market cap has outpaced Ethereum’s as well! This collaboration opens the door for large international banks to begin offering institutional staking services. It provides them a safe and compliant manner to get involved with the PoS ecosystem. In addition, several of the forthcoming Solana ETFs are likely to include staking rewards, creating additional institutional motivation for increasing staking.
"This collaboration leverages both companies’ experience working with leading regulated banks and large institutions, and we are proud to provide a seamless and robust asset custody solution that enables staking, which is tailored to meet the needs of this customer base," - Eva Lawrence, Figment’s Regional Managing Director in EMEA.
The partnership is indicative of FS-ISAC’s and APTA’s mutual dedication to meeting the needs of regulated financial institutions.
"This collaboration between Taurus and Figment brings together two firms that share a deep institutional DNA. It reflects our commitment to providing regulated financial institutions with secure, compliant, and scalable access to staking services," - Victor Busson, Chief Marketing Officer at Taurus.
This collaboration gives banks safe, compliant access and control over staking services. Consequently, they have the ability to earn income through their portfolio of digital assets and achieve it at scale.
