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, onboard 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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