Top Bitcoin Mining Pool Foundry Starts Digital Currency Staking Business

The new business will provide staking services to institutional investors for 20 blockchain networks, including Solana, Helium, The Graph and Horizen.

AccessTimeIconNov 10, 2021 at 2:00 p.m. UTC
Updated Nov 10, 2021 at 6:28 p.m. UTC

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Foundry Digital has launched Foundry Staking to provide services to institutions related to various proof-of-stake (PoS) blockchain networks.

“We have made significant investments in engineering talent and PoS infrastructure to replicate our mining success in the fast-growing staking industry,” said Foundry CEO Mike Colyer, in a statement on Wednesday.

Proof-of-stake is the name of the consensus mechanism that requires users to stake an amount of cryptocurrency to become validators, as opposed to the Bitcoin network’s proof-of-work system requiring users to purchase and run mining equipment.

Foundry will tailor its staking business to institutions such as exchanges, wallets, custodians, hedge funds, banks and venture capital firms. It will also provide various white-glove, customizable services for the mining pool’s clients.

Also, the business will collaborate with digital asset prime brokerage Genesis to provide its clients with various treasury management services.

Foundry’s North America-based bitcoin mining pool represents about 13% of total hashrate, with over 20 exahashes per second of mining power, according to network data collected by BTC.com.

CoinDesk - Unknown

Foundry Staking’s range of services will cover 20 blockchain networks including Solana, Helium, The Graph and Horizen, according to a statement on Wednesday.

Foundry and Genesis are subsidiaries of Digital Currency Group, which is the parent company of CoinDesk.

UPDATE (Nov. 12 16:06 UTC): Adds that Genesis is a DCG subsidiary.




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.

CoinDesk - Unknown

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

CoinDesk - Unknown

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC