RockX launches Ethereum liquid staking platform compliant with anti-money laundering (AML) and know-your-customer (KYC) laws.
The Singapore-headquartered blockchain node community, RockX, has debuted its Ethereum liquid staking platform Bedrock.
The decentralised platform helps a non-custodial, on-chain and unbiased liquid staking resolution in a position to adhere to regulatory necessities incurred by large-scale staking processes.
This contains built-in KYC/AML processes to confirm shoppers staking greater than 32 ETH whereas retaining the pliability of anonymity for retail stakers.
The standard technique of staking cryptocurrency usually sees customers lock in tokens as a pledge in the direction of the event of the blockchain with the benefit of incomes staking yield within the course of. Nevertheless, the draw back of doing that is that the staked tokens change into inaccessible.
Quite the opposite, the liquid staking different allows customers to as a substitute obtain a brand new token instead of their staked tokens, representing their declare to the underlying staking and its yield, enhancing their capital effectivity.
UniETH, often known as universalETH, represents Bedrock’s token for staked Ether and the platform helps a design to accommodate liquid staking options for extra proof-of-stake blockchains sooner or later.
On this word, following the platform’s debut, Bedrock has confirmed its future intention to include distributed validator expertise into the platform, together with open supply protocols which decentralise the duties of many staking validators.
The implementation of this distributed validator expertise will permit stakers to collectively break up validator keys required for staking between unrelated and even untrusted nodes; a win for decentralisation, fault tolerance and the general well being of the blockchain.
Zhuling Chen, CEO and founding father of RockX, says that with the compliance, transparency and security measures integrated into its design, “Bedrock was designed to assist convey higher capital effectivity for establishments exploring staking.”
“Utilizing our validator applied sciences, we now have a decentralised resolution that may usher in a brand new age of staking for establishments,” provides Chen.
Bedrock welcomes first institutional consumer
Along with its launch, RockX can be asserting the platform’s first institutional consumer within the Amber Group; a digital asset supervisor and the platform’s lead investor.
“We’re excited concerning the alternatives with Bedrock that helps to handle lots of the ache factors felt by institutional shoppers seeking to get into crypto staking,” feedback the Group’s managing accomplice, Annabelle Huang.
“Bedrock may also help to result in new ranges of transparency and safety into the staking business, which is able to result in higher professionalisation and acceptance of crypto in monetary markets,” continues Huang.
Current developments within the world staking market have raised some uncertainty over the regulatory tasks of cryptocurrency corporations. Present liquid staking options don’t deal with the deep liquidity wants, transparency, safety and compliance requirements required for institutional liquid staking.
Bedrock was developed to fill this void out there, addressing institutional shoppers’ wants for higher capital effectivity when staking property whereas nonetheless adhering to lots of the laws surrounding decentralised finance.
