During the second round of Polkadot’s parachain auctions in early February, Centrifuge Protocol secured its place as the 9th parachain to join the substrate ecosystem. Since Centrifuge was already an operational Proof-of-Stake blockchain, it migrated to the new parachain via a hard fork and token swap, which was completed in March. At the public sale of Centrifuge last year, Finoa was the first institutional custodian to offer native token support, and now we’re delighted to have completed the migration to Centrifuge’s new parachain. Once staking becomes available on the parachain, we will also assess the opportunity to integrate CFG staking on our platform.
This marks the beginning of Finoa’s effort to deepen involvement with the Polkadot ecosystem, by working closely with Parity and the Web3 Foundation to enable DOT staking and add support for existing and upcoming parachains. By offering custody and staking for the tokens of these projects, we can provide a secure platform for crypto-native companies to manage and grow their treasury assets, as well as for investors who need to securely store and grow their tokens.
“The infrastructure of parachains combined with the auction framework is making it possible for builders to spend more time implementing their vision instead of developing blockchain technologies from scratch. We’re impressed (but not surprised!) that Centrifuge has secured one of the first ten much sought-after parachain slots and are proud to continue supporting them on their journey to bring real-world assets onto DeFi!” — Henrik Gebbing, Co-Founder & Co-CEO at Finoa
“It’s amazing to witness Polkadot parachains launches one after another. Continuing our support for Centrifuge is a great experience for our team to get experience with parachains, and this is only the beginning of Finoa’s involvement in the Polkadot ecosystem.” — Christopher May, Co-Founder & Co-CEO at Finoa
“Centrifuge is thrilled to have Finoa’s custody support for CFG holders. We are also excited that the Centrifuge Parachain is now live. For the last 12 months, we’ve been laser-focused on a roadmap to bring Real-World Assets to the Polkadot ecosystem. We look forward to further collaboration with Finoa.” — Martin Quensel, Co-Founder at Centrifuge
To support to those building in the space, we’ve partnered with Outlier Ventures to provide the participants of their DOT accelerator with access to Finoa’s crypto custody and management services.