Liquid staking protocol pSTAKE to offer native crypto to institutions via Anchorage Digital.
Anchorage Digital, the regulated crypto platform offering integrated financial services and custody solutions to institutions, and the first federally-chartered crypto bank in the United States, now supports the custody of PSTAKE, the native governance token of the liquid staking protocol pSTAKE.
pSTAKE Finance is developed by Persistence (XPRT), a liquid staking hub for proof-of-stake (PoS) assets.
Institutional adoption across staking protocols
Despite the crypto market‘s struggles in 2022, institutional adoption continues with major players across legacy and digital assets driving the growth.
In its announcement Wednesday, pSTAKE said it had struck a partnership with Anchorage Digital in a collaboration that will see the US-regulated platform offer secure custody of the PSTAKE token to institutions.
Anchorage Digital’s support for institutions, which includes this crypto-backed loan facility, keeps growing.
In this case, institutiona can now hold the pSTAKE crypto asset via a secure provider, with ensuing institutional participation helping drive adoption across several staking protocols in the Cosmos (ATOM) ecosystem.
Persistence founder Tushar Aggarwal commented:
“Anchorage has proved to be the industry-leading digital asset custodian, and we are delighted to partner with them to accelerate the next phase of growth for pSTAKE. Anchorage brings both security and a strong user experience, and we’re pleased institutions can now leverage pSTAKE’s liquid staking solution to maximize capital efficiency for their assets. A win-win for both ecosystems.”
pSTAKE, which offers a multi-chain platform key in the unlocking of liquidity of staked digital assets, allows investors holding proof-of-stake coins to receive PoS rewards without having to sacrifice the liquidity of these assets.
Apart from being the leading liquid staking provider in the Cosmos ecosystem, pSTAKE also supports Ethereum and BNB Chain ecosystems. There are also plans to roll out the solution across other ecosystems, with Solana and Avalanche next in line.