ConsenSys Codefi unveils Ethereum 2.0 staking pilot program alongside six members

ConsenSys Codefi is planning to launch an Ethereum 2.0 staking-as-a-service platform that supports institutional functionality for exchanges, custodians, funds, and wallets among other partners. Sharing the progress of this development through a blog post on June 16, Codefi unveiled the first group of pilot program participants. These include Binance, Crypto.com, DARMA Capital, Huobi Wallet, Matrixport, and Trustology.

Per the blog post, the above firms will provide feedback and feature requests while designing and creating the Codefi Staking API before the launch of the long-awaited Ethereum 2.0. In so doing, they will get a unique chance to better understand Ethereum 2.0. On top of this, they will be among the first organizations in the crypto market to offer their clients Ethereum 2.0 staking capabilities.

According to Codefi, Ethereum’s migration from Proof-of-Work (PoW) Proof-of-Stake (PoS) will provide a more inclusive way of upholding security on the network. On top of this, this upgrade would help offer high staking rewards for participants. Explaining why its staking-as-a-service platform is significant, the firm said that the staking process is complex for the average crypto enthusiast. By joining hands with platforms such as exchanges and funds, ConsenSys Codefi believes that it would help minimize the barriers that hinder participation in staking networks.

Ethereum 2.0 is set to transform staking

Per James Slazas, the CEO of DARMA capital, Ethereum’s upgrade to a PoS consensus will be key for both the network and the Web 3.0 ecosystem.

Commenting on this bullish move, Binance CEO, Changpeng Zhao said,

“With staking on Binance, users can receive staking rewards without needing to set up nodes, or worrying about minimum staking amounts, time lengths, or any catches. Users deserve the rewards that their coins can earn them. With the eventual launch of Ethereum 2.0, we are excited to support staking for all of our ETH holders on Binance,”

Alex Batlin, the founder and CEO of Trustology added,

“We believe that ETH2.0 represents a step change for decentralised finance, both in terms of performance and scalability, that will spearhead the long-awaited mass adoption, along with the opportunity to earn interest on ETH via staking. ETH2.0 brings to the forefront the need for bank-grade secure, but lightning fast, custody solutions.  Thanks to our custom HSM firmware in HSM, we are able to lead the market in offering a fast and scalable custodial wallet solution both for investors looking to stake on ETH2.0, and for validators involved in staking operations.”

Versatile features and services

According to the blog post, ConsenSys Codefi’s staking platform will offer a wide variety of features and services. For instance, the platform will provide direct API integration or a white-labeled UI. Both provisions will reportedly deliver detailed metrics and ensure a minimum 99% uptime for validators that confirm blocks on Ethereum 2.0. More importantly, the platform will have support and customer service teams that will be available 24/7.

The platform is also accepting Early Adopter customers before the Ethereum 2.0 Beacon launch. Such customers will purportedly be ahead of the competition. They will also benefit from learning directly from teams building Eth2.

Do you think ConsenSys Codefi’s staking-as-a-service platform will help increase ETH staking? Share your thoughts in the comment section below.