Blockchain Infrastructure Firm Blockdaemon Expands into ETH Liquid Staking Market

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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Last updated: 

May 8, 2024

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Blockdaemon, a crypto infrastructure provider, said it is adding Liquid Collective’s ecosystem to its platform, this in turn will allow its developers to contribute to the ETH liquid staking protocol.

In an announcement, Blockdaemon said it is supporting Liquid Staked ETH (LsETH) minting, redemption, and custody. This will mean “LsETH” will be integrated as the liquid staking solution in the Blockdaemon Wallet product.

“Our decision to make LsETH the exclusive liquid staking solution within the Blockdaemon Wallet strongly reflects our commitment and enthusiasm for joining the Liquid Collective,” said Konstantin Richter, Founder and CEO of Blockdaemon in a press release. 

Liquid staking, which allows users to free up their capital from staked assets, has gained popularity on Ethereum. 

Blockdaemon Backed by Banks 

Blockdaemon’s clients include Blockchange, Plaid, Citibank, Goldman Sachs, and B2C2. The infrastructure firm is backed by Goldman Sachs, J.P. Morgan, Softbank Vision Fund, ARK Invest, Salesforce Ventures, and others.

In 2021, the firm raised $28 million in a Series A funding round, led by Greenspring Associates, with participation from Goldman Sachs, BlockFi, Warburg Serres, Uphold, and Hard Yaka. Infrastructure firm Blockdaemon supports blockchain networks including ETH 2.0, Bitcoin, Cardano, Polkadot, Cosmos, SKALE, MobileCoin and n, and the Lightning Network.

This latest expansion will allow Blockdaemon’s clients to mint and redeem LsETH directly from their Blockdaemon account, where they can also custody their LsETH. Blockdaemon said liquid staking through the Liquid Collective protocol will be offered as part of its integrated business solutions, which include node operations, APIs, staking solutions, and wallet services.