MetaMask Institutional launches a staking marketplace

Key takeaways

• ConsenSy’s MetaMask Institutional has launched a staking marketplace.

• The marketplace was launched to enable companies and investment firms to choose from a wide range of staking services.

• MetaMask Institutional partnered with Allnodes, Blockdaemon and Kiln to launch this service.

Institutional investors now have a staking marketplace

ConsenSys, a software developer for the Ethereum blockchain, announced earlier today that its Metamask Institutional wallet had launched a new marketplace for staking services.

Thanks to this latest cryptocurrency news, the company said the marketplace would provide companies and institutional investors with the opportunity to choose from a wide range of staking services. 

Companies and institutional investors would have access to a wide range of staking services provided by ConsenSys Staking Allnodes, Blockdaemon and Kiln. 

A unique feature of this marketplace is the standardisation of terms and conditions, the company added. Johann Bornman, product lead for MetaMask Institutional, added that companies could easily view and compare the rates on the marketplace. He said;

“We’ve been very thoughtful in terms of the user experience.”

Ethereum network prepares for the Shanghai hard fork

The launch of the marketplace comes a few weeks before the Ethereum network’s much-anticipated Shanghai hard fork. 

Once the Shanghai upgrade is completed, stakers will finally be able to unstake their ETH, some of which have been locked up since 2021. The upgrade is expected to take place in the middle of next month and will be the first time Ethereum users can withdraw their ETH from the proof-of-stake network.

With the Shanghai upgrade just a few weeks ahead, experts anticipate more Ethereum staking services to be launched over the coming weeks and months. 

Ethereum remains the second-largest cryptocurrency by market cap and remains a mainstay in the market since it was launched in 2015 as a split-off from the Bitcoin blockchain.

The network transitioned into a proof-of-stake mechanism last year, abandoning its original proof-of-work system that many consider to be more energy intensive.