Zodia Custody launches institutional ADA staking

London, UK — 29 August 2024 — Zodia Custody, a leading institution-first digital asset custodian whose shareholders include Standard Chartered, SBI Holdings, Northern Trust, and National Australia Bank, has launched support for Cardano staking.

Zodia Custody is the first bank-owned, FCA-registered custodian to facilitate ADA staking services from a cold custody wallet, providing institutions with secure infrastructure as they access additional potential yield-generating opportunities. Institutions are now able to do this by running their own private stake pool on the Cardano network.

Institutions using the service will benefit from multiple layers of risk management to safeguard their assets through Zodia Custody’s dedicated staking wallets. This includes end-to-end transaction controls, secure key management protocols, and independent nodes to ensure that assets are never co-mingled.

Zodia Custody’s vetted partner in this setup is Blockdaemon, the leading institutional staking and infrastructure platform. Zodia Custody already offers ETH and DOT staking via Blockdaemon, providing clients with an opportunity to diversify their staking strategies. The support for ADA staking means that Zodia Custody now supports 4 blockchains for staking (ETH, DOT, ADA, BNB), with more to be announced imminently.

“Institutions want in on staking. We’re making it happen,” says Julian Sawyer, CEO of Zodia Custody, “We’re maximising potential yield opportunities while minimising risk, and giving institutions everything they need to access this segment of the market with confidence and ease. Providing greater optionality in staking is the next step forward in enabling institutions to build out and diversify their digital asset strategies — and, together with our infrastructure partners, we are making it a reality.”

The launch also represents a significant time and cost saving for institutions looking to begin staking their assets compared to costly processes such self-hosting and developing in-house staking infrastructure. By extension of using the staking service, institutions can instead focus on value-adding activities rather than managing staking operations.