Singapore-Listed Blockchain Firm Buys Crypto Staking Platform Moonstake

Through its 100% ownership of Moonstake, OIO will receive a commission of up to 0.5% of staking assets.

May 31, 2021 at 12:17 p.m. UTC
Updated Sep 14, 2021 at 1:04 p.m. UTC

OIO Holdings, a provider of engineering and blockchain-related services, said it bought Moonstake for an undisclosed amount in an all-stock transaction.

  • Moonstake is the second-largest staking business in Asia, Singapore Exchange-listed OIO said in an emailed release Monday, with assets staked passing $900 million as of end-May.
  • Through its 100% ownership of Moonstake, OIO will receive a commission of up to 0.5% of staking assets.
  • "The commission-based model provides us with good visibility of earnings," said Rudy Lim, CEO of OIO’s blockchain business subsidiary.  
  • The firm emphasized that the trend toward proof-of-stake reduces environmental concerns over proof-of-work validation, otherwise known as mining, on blockchains such as Bitcoin's.
  • Ethereum plans to move to proof-of-stake validation later this year.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
After Armstrong Tweet, India's Crypto Policy Body Says No Contempt of Court Challenge vs. RBI

The Coinbase CEO last month suggested the RBI's "shadow ban" of crypto exchanges violated a Supreme Court ruling.

The Coinbase CEO last month suggested the RBI's "shadow ban" of crypto exchanges violated a Supreme Court ruling.

CoinDesk - Unknown
2
CoinDesk - Unknown
Portuguese Congress Rejects Two Bills Seeking to Tax Crypto

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Asia: Regulatory Attention on Terra Could Change South Korean Trading Environment; Bitcoin Goes Sideways

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

CoinDesk - Unknown
4
CoinDesk - Unknown
A16z Doubles Down on Crypto Investments Despite Market Downturn, and NFL Launches Play-to-Earn NFT Game

The most valuable crypto stories for Wednesday, May 25, 2022.

The most valuable crypto stories for Wednesday, May 25, 2022.

CoinDesk - Unknown