Taurus and Figment announced a partnership to enable institutional staking for major global banks.
Crypto staking may soon be coming to major TradFi banks. On Tuesday, April 29, crypto custody company Taurus and staking service Figment partnered to enable banks to easily stake Ethereum (ETH), Solana (SOL), among others.
Notably, banks that hold Ethereum, Solana, or other proof-of-stake tokens on Taurus custody can now earn staking rewards on their assets. What’s more, they can do this within the Taurus PROTECT platform for crypto custody, while also retaining full ownership over their funds.
“This collaboration leverages both companies’ experience working with leading regulated banks and large institutions, and we are proud to provide a seamless and robust asset custody solution that enables staking, which is tailored to meet the needs of this customer base,” Eva Lawrence, Figment’s Regional Managing Director in EMEA.
Staking for banks becomes easier
Figment’s staking services tap directly into Taurus PROTECT, enabling banks to stake their assets without performing complex blockchain operations. At the same time, Taurus claims that the staked assets remain within their secure platform.
“This collaboration between Taurus and Figment brings together two firms that share a deep institutional DNA. It reflects our commitment to providing regulated financial institutions with secure, compliant, and scalable access to staking services,” said Victor Busson, Chief Marketing Officer at Taurus.
For institutions that invest in altcoins like Solana and Ethereum, staking income is essential for making their investment worthwhile. This is especially true for Solana holders, whose high staking rewards make it attractive for staking.
For instance, some 64.98% of Solana tokens are currently staked, and its staking market cap has recently overtaken that of Ethereum. What is more, some of the upcoming Solana ETFs are expected to include staking rewards as well.
