SIX Group’s SDX Web3 Services launches non-custodial Ethereum staking

Rick Steves

“The strong demand for our staking offering shows the institutional market’s readiness and need for secure and trusted services such as our Web3 offering.”

SDX Web3 Services has gone live with its non-custodial Ethereum staking service in a milestone move for the newly launched business unit from SIX Digital Exchange.

The non-custodial Ethereum staking service is tailored to institutional clients who need to scale their Ethereum staking capabilities and enables reliable and secure management of Ethereum validator nodes through a fully managed, API based infrastructure, the firm announced.

SDX Web3 Services is already onboarding clients for this non-custodial staking service in the private wealth sector in Switzerland as firms look to generate yield from staking.

“Highest security and reliability standards”

Alex Smith, SDX Web3 Staking Product Lead, commented: “The integration tools developed by SDX coupled with our experience operating in institutional markets, give our clients easy access to Ethereum staking capabilities with the highest security and reliability standards.”

Stephan Kunz, Head of SDX Web3, said: “The strong demand for our staking offering shows the institutional market’s readiness and need for secure and trusted services such as our Web3 offering. We are excited to announce further clients in the near future.”

The launch of the non-custodial Ethereum staking service by SDX Web3 Services comes as the Ethereum network prepares an upgrade of its blockchain to a Proof of Stake consensus mechanism. The planned upgrade is scheduled for September 2022.

FINMA-authorized SDX Web3 Services tapped Fireblocks for custody solution

In July, SDX Web3 Services partnered with Fireblocks to provide financial institutions and institutional investors with a set of infrastructure services. Fireblocks will help SDX deliver an institutional custody solution for digital assets by integrating Fireblocks’ MPC-based solution.

The partnership with Fireblocks will empower SDX with several critical functionalities for institutional adoption, including key storage, transaction execution and monitoring with banking-grade compliance standards, automated reporting and blockchain management,

This offering is intended for Swiss and European institutional clients such as banks, corporates, and other financial institutions. The go-live is planned for H2 2022. SDX Web3 Services is already working on integrating SDX non-custodial staking access into Fireblocks’ solution.

SDX launched its operation in November 2021 after being approved by FINMA for two licenses. The blockchain architecture used by SDX is based on permissioned Corda architecture supplied by R3 and an important point to note here is that it doesn’t use any of the other privately owned blockchains like Ethereum, Polygon, Solana, and others.

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