Binance, Crypto.com among Others Join ConsenSys’ Ethereum 2.0 Staking Trial

| Updated
by Bhushan Akolkar · 2 min read
Binance, Crypto.com among Others Join ConsenSys’ Ethereum 2.0 Staking Trial
Photo: ConsenSys Blog

ConsenSys has released its own pilot platform dubbed Codefi that offers ETH 2.0 staking-as-a-service. It aims at giving the participants a deeper understanding of the ETH 2.0.

The Ethereum 2.0 developments are taking a turn for the good as some high-profile crypto firms have extended their participation in the ETH 2.0 staking project,. These firms have also announced that they would participate through the ConsenSys Codefi platform.

The ConsenSys Codefi is basically an ETH 2.0 staking-as-a-service platform. The platform will offer institutional-grade functionality for custodians, fund wallets, and exchanges. Through its Codefi platform, ConsenSys will be offering early access to ETH 2.0 staking pilot to popular crypto exchanges like Crypto.com and Binance. Besides, it will also offer early access to investment firm DARMA Capital and digital asset custody providers Matrixport, Trustology, and Huobi Wallet.

These pilot program programs will forward their feedback and request more features based on their testing of the Codefi Staking API. The pilot platform aims at giving the participants a deeper understanding of the ETH 2.0. It also helps them to unlock new opportunities by being first in providing their customer the ETH 2.0 staking capabilities.

ConsenSys has built the Codefi Staking platform atop a trusted software stack. The mission is to provide white-label institutional-grade API with easy and efficient access to ETH 2.0 network.

Rising Demand for ETH 2.0 Staking Solutions

The third-party staking solutions are currently on the rise with some prospective stakers wanting to give up a portion of their rewards in exchange for some management and custodial services. Codefi Staking product lead, Tim Lowe, said:

“Some of the risks associated with running your own validator include theft or loss of withdrawal keys, incorrect transfer of funds to the [ETH 2.0] deposit contract, and not to mention hardware or internet connectivity failures which result in a loss of validator rewards”.

He further added:

“With ConsenSys Codefi, validator keys are held in a secure vault with online signing capability, and there will be multiple layers of gatekeepers validating transactions preventing unauthorized usage”.

While there’s has been a lot of excitement in the market, ETH 2.0 has been facing delays for the launch. However, Ethereum co-founder Vitalik Buterin praised the Layer 2 scaling strategy for ETH 2.0. The Layer 2 scalability solutions go beyond the upgrades of the Ethereum platform. However, it includes state chains, Zero-Knowledge Implementation, and the Plasma framework.

It is very likely that the full-scale launch of Ethereum 2.0 will happen by the end of the year.

Altcoin News, Blockchain News, Cryptocurrency news, Ethereum News, News
Bhushan Akolkar
Author Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Share this article

Related Articles