Bluechip crypto infrastructure companies Blockdaemon and Bitgo join forces to launch safer and more secure staking offering, with Cake DeFi as launch customer
26 JANUARY 2023 – Blockdaemon, the leading independent institutional staking and blockchain infrastructure provider, has partnered with BitGo, one of the largest regulated crypto custodians in the world, to launch institutional-grade, fully integrated MATIC staking service on the Bitgo platform. MATIC is the native token on the Polygon network. Cake DeFi, a leading Singapore-based fintech platform that provides easy access to Decentralised Finance (DeFi) services and applications, will be the launch customer for the new staking service.
Polygon’s low transaction cost and faster block time have resulted in an increasing number of DeFi users and developers utilizing the protocol. Polygon has continued to show signs of mainstream adoption despite the current crypto winter. Polygon’s sentiment remains positive due to its continued adoption by mainstream and institutional entities, the migration of multiple dApps to the Polygon network, and an increase in the platforms offering liquid staking services for MATIC.
The newly launched staking service powered by BitGo and Blockdaemon ensures staking rewards of up to 5% annually for Cake DeFi users who deposit and hold MATIC tokens on the platform. Cake DeFi users can stake and exit their MATIC staking positions at any time, giving them full control and flexibility over their assets. The annual percentage of rewards is subject to change as it is largely dependent on many factors such as the number of staking participants, staking transaction volume, and more.
“The demand to safely and securely stake is higher than ever before. BitGo’s institutional-grade custody paired with Blockdaemon’s staking services provide a differentiated product that will address that need and allow a new wave of adoption,” said Thomas Chen, Managing Director, BitGo.”A risk averse and heavily vetted infrastructure allows leading platforms like Cake DeFi and regulated institutions alike to dive into digital asset staking.”
“We are proud to announce our partnership with BitGo on Cake DeFi to provide MATIC staking services for their platform. This collaboration highlights the increasing desire for staking solutions among large organizations. The staking service, powered by BitGo and Blockdaemon, is a unique way for Polygon users to earn increased rewards on their digital holdings,” said Chris Sharp, Blockdaemon CTO. “By providing Cake DeFi with our industry leading infrastructure, we can ensure their platform can scale and accommodate the growing demand for staking as more users look to participate.”
“We are thrilled to partner with BitGo and Blockdaemon to bring MATIC staking to our users. Staking is one of Cake DeFi’s most popular services as it is an excellent way for our users to earn passive income on their crypto and compound their holdings. Further, we have noted an increase in requests to bring MATIC, one of the most popular tokens, on board our platform,” said U-Zyn Chua, Co-Founder and CTO, Cake DeFi. “As we scale globally, we remain committed to continuously enhancing and improving our offerings for our users. Going forward, we are planning to offer more tokens on our platform to provide more options and value to our users.”
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About BitGo
BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, staking and trading, and core infrastructure to investors and builders alike.
Founded in 2013 — the early days of crypto — BitGo pioneered the multi-signature wallet and later built TSS to improve upon other companies’ MPC offerings. Between multi-sig and TSS, BitGo offers the safest technology on the market and safeguards over 600 tokens across a wide variety of blockchains. Over the years, BitGo has expanded from offering wallets into providing a full-suite solution that lets clients hold assets safely and then put them to work. BitGo launched BitGo Trust Company in 2018, providing fully regulated, qualified cold storage to complement BitGo Inc’s original hot wallet solution. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow, and lend. Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond, and serves as the world’s sole custodian for WBTC, or wrapped Bitcoin. Today, BitGo is the leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 1500 institutional clients in over 50 countries — a list that includes many regulated entities and the world’s top cryptocurrency exchanges and platforms. BitGo also processes approximately 20% of all global Bitcoin transactions by value. For more information, please visit www.bitgo.com.
About Blockdaemon
Blockdaemon is the leading independent blockchain node infrastructure to stake, scale, and deploy nodes with institutional-grade security and monitoring. Supporting 60+ cutting-edge blockchain networks in the cloud and on bare metal servers globally, Blockdaemon is used by exchanges, custodians, crypto platforms, financial institutions and developers to connect commercial stakeholders to blockchains. We power the blockchain economy by simplifying the process of deploying nodes and creating scalable enterprise blockchain solutions via APIs, high availability clusters, auto-decentralization and auto-healing of nodes. For more information visit, https://blockdaemon.com.
About Cake DeFi
Cake DeFi is a fully transparent, highly innovative fintech platform dedicated to providing easy access to decentralized financial services and applications by enabling users to generate returns from their crypto and digital assets. Founded in 2019, Cake DeFi is headquartered in Singapore and subject to applicable local laws and regulations.
By enabling and empowering retail and institutional investors to harness the potential of DeFi, Cake DeFi aims to educate and inform people around the world on crypto and DeFi in a simple, easy-to-understand, and seamless manner.
For more information, please visit https://www.cakedefi.com/.
For media queries, please contact:
Blockdaemon
(e): press@blockdaemon.com (e): BD@peaksstrategies.com
Cake DeFi
Elissa Young
Senior Public Relations Manager
(m): +65 9226 4022
