Home
News
- Two former members from Deutsche Telekom’s Blockchain team have facilitated the creation of a new division at Finoa,
- Liquid staking will be on every single PoS network out there in a year or so, highlights the managing director of the new division, Dittrich.
- The newly created Finoa Consensus Services is working together with the staking specialist StakeWise.
Andreas Dittrich and Daniel Schrader, the two former members of Deutsche Telekom’s Blockchain team, have facilitated the creation of a unit at Finoa, the cryptocurrency custody provider.
They took this step following their departure from the European Telecom giant. This unit is created for developing an infrastructure to support the network utilizing the proof-of-stake (PoS) model.
The company recently announced that Fiona, which is regulated by Germany’s BaFin. Would work with StakeWise, the PoS specialist. The new Finoa Consensus Services subsidiary will provide liquid staking.
Ethereum, the largest public blockchain following Bitcoin, has planned on its transition from the proof-of-work (PoW) consensus model to the PoS model. And the participants running transaction validator nodes are needed to lock up ether (ETH) tokens on the network, for which staking yield can be earned with time.
Liquid staking is a process of delegation of tokens to a service that stakes on the behest of the trader. This allows traders to get accessibility to their funds even if they are staked.
ALSO READ – SHIB Metaverse: The Story So Far
According to the managing director of the new division, Dittrich, Finoa has been offering in-custody staking for quite some years. It will run validators on the Ethereum network and become a StakeWise operator for both Ethereum and Gnosis.
He further highlighted his optimism about liquid staking that, in their opinion, liquid staking will be on every single PoS network out there in a year or so. And right now, this might be a new thing, but it will be abundant and very normal in the coming years. You cannot do without liquid staking.
He also signified that they are preparing for regulations as they expect them to come.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
