P2P.org and OKX Exchange Unveil Crypto Staking Service for Institutions
Summary:
P2P.org, an institutional staking firm, in collaboration with OKX exchange, has introduced crypto staking services designed for institutional clients. With a range of assets including Polkadot, Kusama, Celestia, and Cardano, they aim to overcome various barriers to institutions entering the crypto staking market. The firm also aims to help create or increase staked assets in institutional products, with the goal of contributing at least 10-20% to total revenue.
In a collaboration with OKX exchange, P2P.org, a top-tier staking agency and validator, has unveiled cryptocurrency staking services focussed on institutional clientele. Facilities for industrial-grade staking will be provided to commercial users across various assets such as Polkadot (DOT), Kusama (KSM), Celestia (TIA), and Cardano (ADA), as part of P2P's staking-as-a-business (SaaB) scheme. Representatives from P2P articulated to Cointelegraph that OKX-supported staking allows qualified clients to avail an APR devoid of node setup hurdles. They also highlighted several obstacles that keep institutions back from entering the crypto staking field, such as a demanding learning phase, time commitment, and substantial node operation expenses.
In April, P2P.org registered a total value locked (TVL) of $7.5 billion and announced its "staking-as-a-business" model devised to eliminate entry barriers for institutional clients. The then statements of Alex Esin, P2P.org's CEO, indicated the company's goal to aid in the creation or boost of staked assets in institutional offerings, aiming to make staking contribute at least 10-20% of the total revenue.
P2P’s SaaB model, crypto-based exchange-traded products (ETPs), and exchange-traded funds (ETFs) have emerged as attractive options for institutional investors and traditional financial firms. These options enable such institutional entities to get a stake in the cryptocurrency market without the need to acquire knowledge on its technicalities.
As per a report named "Digital Asset Fund Flows" by CoinShares, the inflow into crypto-related ETFs and ETPs reached $2 billion in May 2024, raising the year-to-date total to over $15 billion. Post the endorsement of a Bitcoin (BTC) spot ETF in the US, institutional interest for cryptocurrency revived, with leading asset managers like BlackRock beginning to offer BTC exposure to their clientele. This digital asset investment trend is also observed in other sectors, with pension fund managers introducing Bitcoin to their portfolios by diversifying their assets.
The State of Wisconsin Investment Board (SWIB), responsible for managing Wisconsin's state pension system, in a recent filing with the Securities and Exchange Commission announced about its investment of $164 million in cryptocurrency. It did this by acquiring nearly 2.4 million shares of BlackRock's iShares Bitcoin Trust (IBIT) and over 1 million shares of Grayscale's Bitcoin Trust (GBTC).
Published At
6/13/2024 7:47:05 PM
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