ConsenSys Announces Staking Pilot with Binance, Crypto.com and Others

Ethereum is building partnerships with some of the biggest corporations in the world as it strides towards being the world computer.

With the likes of Microsoft, Ernst & Young, and JPMorgan all working with Ethereum, it’s a little known startup ConsenSys that’s really driving innovation around Ethereum, however.

ConsenSys – Ethereum’s Engine

Founded in October 2014 by Ethereum co-founder Joe Lubin, ConsenSys is a New York-based venture production studio and blockchain software development consultancy.

CodeFi Staking

It has full-stack Ethereum products aimed at helping developers build next-gen networks and key infrastructure for the burgeoning DeFi space.

And in a press release yesterday, ConsenSys announced it was launching an ‘Ethereum 2.0 staking-as-a-service platform with institutional functionality for exchanges, custodians, funds, wallets and other potential customers.’

The staking pilot will be utilizing one of ConsenSys key products: CodeFi.

ConsenSys’ CodeFi blockchain operating system offers a ‘white-label institutional grade API, with easy and efficient access to the Ethereum 2.0 network’ which is easy to integrate into any existing software infrastructure.

Binance, Crypto.com, DARMA Capital, Huobi Wallet, Matrixport, and Trustology will be partnering ConsenSys to form the pilot ahead of the Ethereum 2.0 launch.

It’s expected on completion of the pilot the partners will have a deeper insight into ETH 2.0 and should be able to offer its users a seamless staking facility from within its own platform.

Speaking ahead of the pilot, Binance CEO Changpeng Zhao said, ‘With staking on Binance, users can receive staking rewards without needing to set up nodes, or worrying about minimum staking amounts, time lengths, or any catches.’

Ledger Nano X - The secure hardware wallet

Staking on Ethereum 2.0

Ethereum 2.0 is set to launch any time now and is much more significant than past upgrades as it will start the transition of Ethereum’s move onto a fully proof-of-stake network.

With proof-of-stake, instead of miners validating the transactions, as they do on proof-of-work, it will be any willing participant wanting to stake 32 ETH in a special staking account on the Ethereum 2.0 network.

With the likes of Binance and Crypto.com offering a staking platform, however, it’s believed that it will make the process more accessible for the average person who can’t muster 32 ETH .

Trustologoy co-founder Alex Batlin was also excited about the launch of staking on ETH 2.0:

ETH 2.0 Staking

‘ETH 2.0 brings to the forefront the need for bank-grade secure, but lightening fast, custody solutions,’ said Batlin. ‘Thanks to our custom HSM firmware in HSM, we are able to lead the market in offering a fast and scalable custodial wallet solution both for investors looking to stake on ETH2.0, and for validators involved in staking operations.’

Conclusion

When ETH 2.0? Soon. Well, it really is soon this time, and ConsenSys haven’t been resting on their laurels.

The young New York-based start up really are driving innovation on Ethereum and with this staking pilot likely to accelerate retail staking, it’s yet another giant stride for ConsenSys and Ethereum.

Author: Pablo Clarke

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When I came up with Ethereum, my first first thought was, 'Okay, this thing is too good to be true.' As it turned out, the core Ethereum idea was good - fundamentally, completely sound

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