Finoa powers institutional engagement with DOT, launching three staking options
Berlin, 25 Oct. 2022. Today, Finoa is enabling in-custody staking of $DOT for institutional token-holders and is premiering two new staking capabilities: delegated staking and white-label node creation. $DOT is the native token of the Polkadot blockchain and it facilitates network governance, staking, and bonding.
The triple launch marks the go-live of Finoa’s in-house Polkadot infrastructure. Polkadot is the first Finoa-supported token that holders can stake securely not just from their Finoa account, but from any wallet, anywhere in the world by using Finoa’s node, run by Finoa Consensus Services.
“We’re adding delegated staking to our offering to tear down the barriers to engaging with crypto for institutional and private investors alike. Finoa now makes it possible for you to stake DOT from any wallet and be assured that the validator putting your funds to work is run by a trusted team with a track record of delivering secure crypto products.” – Henrik Gebbing, Finoa Co-Founder and Co-CEO.
To stake by delegation, users have to set Finoa Consensus Services as their proxy account. In Polkadot staking, proxies are accounts that, similarly to controller accounts, allow users to participate actively in the network. They are effectively a more powerful and flexible version of a controller account. By bonding their DOT and setting FCS as their proxy account, investors can earn rewards without having to regularly evaluate and nominate trusted validators, since FCS will do this on their behalf.
Powering decentralization with managed nodes
In addition to earning in-custody staking rewards directly into Finoa’s ultra-secure custody platform, or by delegating their stake to Finoa’s node, investors now also have a third possibility: creating their own managed staking nodes.
Finoa’s in-house staking-as-a-service solution enables customers to have validator nodes explicitly created for them and tailored to their specific needs. White-label nodes make it easy for businesses to earn rewards while supporting the protocols they care about.
“We believe that white-label nodes bring multiple benefits to crypto players who want to diversify their revenue streams but are lacking the in-house expertise to do so. We are now ready to start building and deploying DOT validators on-demand and on short notice.” – Andreas Dittrich, Managing Director, Finoa Consensus Services.
As one of the oldest blockchains in existence, Polkadot laid the basis for a truly interoperable, decentralized web, enabling apps and services to communicate securely across chains. Founded in 2017 by former Ethereum CTO Dr. Gavin Wood, Polkadot unites and secures a growing ecosystem of specialized blockchains called "parachains."
The Polkadot community has repeatedly demonstrated its commitment to building toward a decentralized web, which is why it was chosen as the emblem for the launch of Finoa’s new staking infrastructure.
How to stake DOT using Finoa’s infrastructure
From now on, DOT holders wishing to grow their portfolio using Finoa’s infrastructure can choose from three options.
- Regulated in-custody staking via the Finoa platform
- Self-serve delegated staking from any wallet, by setting Finoa Consensus services as their proxy account
- Managed white-label staking nodes via the staking-as-a-service solution
Here’s how the different options compare:
Finoa is once more demonstrating its commitment to enabling institutional access to Web3 through innovative products and effective protocol curation. In its mission to connect top-tier investors with the most innovative crypto protocols, Finoa is enabling the growth of the crypto ecosystem. At the same time, the company is broadening participation avenues for all investor types and accelerating adoption with its new product developments that support decentralization.
Polkadot will enable a completely decentralized web where users are in control.
Polkadot is built to connect private and consortium chains, public and permissionless networks, oracles, and future technologies that are yet to be created. Polkadot facilitates an internet where independent blockchains can exchange information and transactions in a trustless way via the Polkadot relay chain.
Polkadot makes it easier than ever to create and connect decentralized applications, services, and institutions. By empowering innovators to build better solutions, we seek to free society from its reliance on a broken web where its large institutions can’t violate our trust.
Finoa is Europe’s leading crypto platform for institutional investors. Founded in 2018 by Christopher May and Henrik Gebbing, the company offers institutional investors a full range of financial services including custody and staking, with day-one support for emerging protocols and in-demand projects.
Finoa’s intuitive platform enables users to securely store and manage their assets regardless of their level of familiarity with crypto. As a regulated custodian, the company serves high-profile clients from around the world, including renowned venture capital firms, crypto hedge funds, corporates, and high-net-worth individuals.
About Finoa Consensus Services
Founded in 2022, Finoa Consensus Services (FCS) is Finoa’s first subsidiary. FCS develops blockchain infrastructure and distributed validator technology that secures decentralized networks and maximizes institutional investors’ capital efficiency.