ConsenSys has created the first staking marketplace for organizations on the MetaMask Institutional web3 wallet.
MetaMask Institutional, a web3 wallet for institutions, announced through Twitter that its developer, ConsenSys, has opened the first institutional staking marketplace on Ethereum (ETH).
ConsenSys developed the marketplace with the assistance of four prominent staking providers: Allnodes, Blockdaemon, Kiln, and ConsenSys Staking.
MetaMask Institutional is the first multi-custodial web3 product for institutions that supports both hot and cold wallets. It enables institutions to access decentralized apps (dApps), swap tokens between decentralized exchanges (DEXs), send transactions with EIP-712 signatures, and stake ETH with its new marketplace.
According to ConsenSys, the new marketplace intends to facilitate institutional staking by providing one-click staking, defined terms and conditions, institutional-grade reporting, and expedited access to leading staking providers.
In addition, enterprises can evaluate service providers based on their rates, rebates, infrastructure quality, and certifications.
Further features like institutional controls, portfolio management, digital asset monitoring with integrated profit and loss and performance attribution, and in-depth transaction reporting are also being introduced by MetaMask Institutional.
With a more potent web3 portfolio dashboard, the company expects its new product to revolutionize the institutional web3 experience. On March 27, the features are anticipated to go online.
Staking has grown particularly crucial for the Ethereum network after it switched from proof-of-work (PoW) to proof-of-stake (PoS) after the Merge in September 2022, despite the regulatory uncertainties brought on by SEC chair Gary Gensler’s remarks.
Experts believe institutional staking can increase the amount of ETH locked up in validators, which will increase the security of the Ethereum network. Institutions can also generate passive income while promoting web3 innovation.
Around 17.7 million ETH have been generated on Ethereum 2.0 by users since the Merge. Additionally, it is anticipated that the Shanghai/Capella upgrade, which is slated to take place sometime in April 2023, will allow for the withdrawal of staked Ethereum, a development that experts believe could encourage further institutional adoption because it would provide more asset flexibility and control.