GCEX, Lars Holst-headed digital prime brokerage, expanded its partnership with the custody platform Komainu to offer staking services to its institutional and professional clients.

GCEX Expands Komainu Partnership

Komainu is a joint venture between the investment bank, Nomura, the hardware technology company, Ledger, and the digital asset investment manager, CoinShares. Initially, GCEX partnered with the company last February to expand its crypto custody services.

“We are delighted to extend our partnership with Komainu, giving our clients access to secure and compliant staking services, enabling them to participate in staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term rewards for digital assets,” said Holst, the Founder and CEO at GCEX. “We are committed to providing our clients with the best possible service, and this partnership is a testament to that.”

Staking Is Popular

Staking allows certain cryptocurrency holders to stake their holdings with blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term validators and earn rewards. It has become popular as crypto holders can earn a percentage on their ideally kept cryptocurrencies.

While regulators in America and a few other countries are cracking down on staking, platforms like Komainu offer these services under the regulatory umbrella. Headquartered in Jersey, Komainu has offices in London, Dublin, Dubai, and Singapore. It is regulated by the Jersey Financial Services Commission (JFSC) and the Dubai Virtual Assets Regulatory Authority (VARA).

“Adding staking was a natural next step in our suite of offerings for GCEX clients,” Darren Jordan, the Head of Sales at Komainu, said. “Offering custody alone doesn’t cut it anymore; the market demands more innovative solutions, and clients require the utility of their assets. That is why Komainu built a suite of services, including regulated custody, staking, and collateral management, and we are pleased to extend our partnership with GCEX Group to provide staking services.”

Meanwhile, GCEX, founded in 2018, significantly expanded its geographical reach and products. The company, known for offering forex and crypto liquidity, jumped into the trading technology space and launched two proprietary trading platforms, one for crypto and another for contracts for differences (CFDs).

On top of that, GCEX published its financials for 2022, which was a year when its turnover jumped 136 percent to £4.5 million. Furthermore, it ended the year with a net profit of £1.5 million.