Digital Asset Custody Company (DACC), a cryptocurrency custody solution purpose-built for institutional investors and token issuers, today announced that it will now offer staking support for its customers. DACC expects to deliver staking services to its’ general customer base in the first quarter of 2019.
Staking is a way for customers holding digital assets to generate a revenue stream through proof-of-stake rewards. Proof-of-stake (also called “staking”) is a consensus algorithm used to achieve agreement between nodes of certain blockchains. Staking is used by protocols like Stellar Lumens, Dash, Horizen, Tezos, and others and is thought to be more computationally efficient and scalable than other consensus algorithms such as proof-of-work. Significant holders of assets on proof-of-stake chains can lock up or “stake” their holdings and receive rewards for participating in the validation process of the network.
DACC’s Enclave wallet allows assets in custody to be staked from its secure storage environment. This enables institutional customers to earn staking rewards without compromising the security of their assets.
“With high profile proof-of-stake projects getting more and more traction, we felt it important to provide a solution to our customers that allowed them to participate in these projects. Our solution provides secure cold-storage custody of their private keys while allowing them to earn staking rewards on these blockchains. We are excited to expand our product offering to our clients and provide them access to this revenue source in a secure manner.”