What to know:
- Galaxy’s staking business currently handles over $4 billion in staked assets, the firm said, having acquired blockchain node operator CryptoManufaktur last year.
- In early 2023, BitGo filed a $100 million lawsuit alleging Galaxy intentionally breached its May 2021 merger agreement.
Despite their legal drama, Galaxy Digital (GLXY) and BitGo Trust are teaming up to bring Galaxy’s staking and validator services to BitGo’s institutional custody clientele. 🤝
This partnership will enable investors to earn staking rewards while also using the assets as collateral for loans and trading on Galaxy’s platform. 💰
Despite the ongoing legal proceedings, Galaxy and BitGo remain committed to strategic collaboration. 💪
Staking, which involves locking up crypto tokens to support the running of blockchain in return for rewards, is a fundamental part of crypto. 🔒
Galaxy has been building non-custodial staking infrastructure, buying blockchain node operator CryptoManufaktur, known as CMF, in July of last year. 🚀
The arrival of a crypto-friendly U.S. government raises the question of when, not if, staking will be included in exchange-traded funds (ETFs) for underlying proof-of-stake tokens like the Ethereum blockchain’s ether (ETH). 🤔
Assuming that staking will be enabled in ETF products, the managers of these funds need to think carefully about the balance of liquidity risk. 💸
Staking locks up your assets for a predetermined amount of time, in Ethereum in particular, and un-bonding queues can be dynamic; they expand and contract based on supply and demand and on-chain dynamics. 🔄
An overlay of financial product helps ameliorate some of those issues, providing in kind liquidity is something that is enabled by access to this collateral product suite. 💼
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2025-02-04 14:22