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Institutional Crypto Staking Comes to Traditional Banks Through Taurus and Figment Partnership
Crypto staking is gaining traction among traditional financial institutions. On April 29, Taurus, a crypto custody company, announced a partnership with staking service provider Figment to bring institutional crypto staking to major global banks. This collaboration enables banks to stake popular proof-of-stake (PoS) cryptocurrencies like Ethereum (ETH) and Solana (SOL) seamlessly.
How the Partnership Works
Banks that hold Ethereum, Solana, or other PoS tokens on Taurus custody can now earn staking rewards directly through the Taurus PROTECT platform. This feature allows institutions to stake their digital assets without losing ownership of their funds. The integration offers a secure and efficient way for banks to participate in staking while adhering to institutional-grade standards.
“This collaboration leverages both companies’ experience working with leading regulated banks and large institutions. We are proud to provide a seamless and robust asset custody solution that enables staking, tailored to meet the needs of this customer base,”
said Eva Lawrence, Figment’s Regional Managing Director for EMEA.
Why This Matters for Banks
Staking, a process where cryptocurrency holders lock their tokens to support blockchain network operations, is becoming an essential strategy for institutional investors. Figment’s staking services are now fully integrated into Taurus PROTECT, removing the need for complex blockchain operations. This simplicity allows banks to focus on earning rewards while keeping their assets secure.
“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,”
said Victor Busson, Chief Marketing Officer at Taurus.
The Importance of Staking for Ethereum and Solana Investors
For institutions holding altcoins like Ethereum and Solana, staking rewards significantly enhance the profitability of their investments. Solana, in particular, has become an attractive staking option due to its high reward rates. Approximately 64.98% of Solana tokens are currently staked, underscoring its popularity among investors. Additionally, Solana’s staking market cap recently surpassed that of Ethereum, highlighting its growing dominance in the staking ecosystem.
With new financial products like Solana ETFs expected to include staking rewards, institutional interest in staking is likely to grow further. This partnership between Taurus and Figment positions banks to capitalize on these opportunities efficiently.
Key Takeaways
- Seamless Integration: Figment’s staking services are fully integrated into Taurus PROTECT, enabling banks to stake crypto assets without technical complexity.
- Enhanced Security: Staked assets remain securely managed within Taurus’s custody platform, ensuring institutional-grade protection.
- Focus on Solana and Ethereum: With Solana’s high staking rewards and Ethereum’s market prominence, the partnership targets two of the most attractive staking opportunities for institutions.
This collaboration is a significant step forward in bridging the gap between traditional finance (TradFi) and the ever-expanding world of cryptocurrencies. By providing secure and scalable staking solutions, Taurus and Figment are paving the way for more institutional adoption of digital assets.
