Institutional staking supplier Figment has expanded its integration with Coinbase, permitting the change’s institutional shoppers to stake a broader vary of proof-of-stake (PoS) belongings straight from Coinbase Custody — a transfer that would drive adoption past Ethereum.
By the combination, Coinbase Prime prospects can now use Figment’s staking infrastructure to entry further PoS networks, together with Solana (SOL), Sui (SUI), Aptos (APT), Avalanche (AVAX) and others, the businesses announced Tuesday.
The partnership, which started in 2023, has already facilitated greater than $2 billion in staked belongings by means of Coinbase Prime.
Coinbase Prime serves institutional traders with a full-service crypto prime brokerage, providing buying and selling, financing and custody for over 440 digital belongings throughout dozens of blockchains.
Figment presently has $18 billion in belongings beneath stake throughout greater than 40 protocols.
Associated: Coinbase stock surges after JPMorgan upgrade of Base, USDC potential
Crypto ETFs come to the US
The announcement follows the launch of a number of staking-focused exchange-traded funds (ETFs) within the US this month, together with the Bitwise Solana Staking ETF (BSOL), which presents publicity to Solana staking.
Grayscale has additionally introduced plans to introduce staking for its Ethereum and Solana merchandise. Earlier this month, the asset supervisor staked $150 million price of Ether (ETH) as a part of its effort to allow traders to earn staking rewards from their holdings.
These developments come simply months after the US Securities and Trade Fee (SEC) decided that sure liquid staking actions do not constitute securities transactions, inserting them outdoors the company’s jurisdiction.
Earlier than that ruling, asset managers together with VanEck, Bitwise and Jito Labs had urged the securities regulator to make clear its stance and approve liquid staking mechanisms for Solana-based ETFs.
SEC Chair Paul Atkins mentioned the decree marked a “vital step ahead in clarifying the workers’s view about crypto asset actions that don’t fall inside the SEC’s jurisdiction.”
Associated: SEC ends ‘regulation through enforcement,’ calls tokenization ‘innovation’
