Brighty App and Blockdaemon Launch ETH Staking Service for Institutional Clients

Staking is one of the most popular ways to earn passive income with crypto. By staking their tokens, users can support network decentralization and receive rewards. This is why a majority of ADA, AVAX, ATOM, and other tokens of leading chains are staked.

However, staking has some drawbacks: users have to lock their tokens for a certain period and cannot withdraw them before it ends. This limits their ability to trade or use their tokens on other platforms or protocols, which reduces their capital efficiency. It also exposes them to market volatility risks.

Liquid staking solutions have solved some of these problems but created new ones for users. These include the lack of KYC and AML processes, inadequate security measures, and the unsuitability for large-volume liquidity needs.

To overcome these challenges, Brighty App, a Swiss neobank for crypto and fiat, has partnered with Blockdaemon, the leading staking provider, to offer an institutional-grade ETH staking solution that meets the needs of both institutional and private clients.

Brighty App: The All-In-One Neobank for Crypto and Fiat with Swiss Standards

Brighty App is a neobank that combines traditional digital banking and crypto services in one platform. It is built by a team of experienced Swiss bankers and ex-Revolut software developers, who aim to create a community-driven platform that helps people manage their digital assets seamlessly. Users can access the app on the App Store and Google Play.

Powered by traditional end-to-end security and Web3 technologies, Brighty App offers its customers multicurrency and cryptocurrency accounts, instant exchange between crypto and fiat currencies, EUR SEPA and GBP FPS transfers, and physical and virtual debit cards (with the latter expected in August). Licensed in the EU and fully compliant with regulations, Brighty App enables users to grow their wealth by earning up to 8% APY on stablecoins and selected cryptocurrencies through a regulated service.

ETH Staking with Blockdaemon: Safe, Reliable, and Flexible

As its latest feature, Brighty App has integrated Blockdaemon Stake, an institutional-grade ETH staking solution. Blockdaemon Stake is a leading staking service that has helped traditional finance clients deploy over $1 billion of staking infrastructure so far. It offers secure and reliable staking services with a 100% slashing insurance guarantee.
With Blockdaemon Stake, users can stake ETH and earn rewards on Brighty App, expanding the neobank’s wealth-building capabilities.

“We are excited to help combine traditional banking with crypto banking on the Brighty App, an institutional-grade platform that will provide both institutional and private users with access to the best of both worlds,” said Luke Dorney, General Manager & VP of Sales EMEA at Blockdaemon. “Blockdaemon excels at helping financial institutions like Brighty App bring their crypto-based banking strategies to market with industry-standard safeguards and compliant infrastructure.”

How It Works

The ETH staking process on Brighty App is simple: users deposit and hold ETH in their wallets, stake their tokens with Blockdaemon, and receive sETH-h receipt tokens that represent their staked ETH. They can use these tokens to access more opportunities in the CeFi or DeFi market. Users also accumulate rewards on their staked ETH, which they receive as rETH-h receipt tokens that they can also use in the CeFi or DeFi market.

“Our collaboration with Blockdaemon combines traditional and cutting-edge crypto banking, offering a seamless platform for users to stake ETH, earn rewards, and maintain full control over their assets. The goal is to empower our customers to unlock new wealth generation opportunities in the crypto space, while maintaining the highest level of security and regulatory compliance,” said Nikolay Denisenko, Co-Founder and CTO at Brighty App.

The Benefits of Staking with Brighty App

• Instant withdrawal of receipt tokens on-demand
• Use of Brighty App’s CeFi service that leverages DeFi in vault-yielding strategies
• Fulfillment of institutional liquidity needs via partnerships with institutional-grade liquidity providers
• Robust end-to-end KYC and AML throughout the whole staking process
• Full slashing insurance and protection from penalized validators
• Stake ETH via an audited service (the code has been audited six times by prominent auditor firms)

To learn more about Brighty App, visit the neobank’s official website. You can also follow the project on Instagram, Twitter, LinkedIn, and Facebook, as well as join its Discord community to stay updated with the latest news.

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