Coinbase Custody has partnered with the blockchain-based infrastructure-as-a-service (IaaS) company Bison Trails for Polkadot (DOT) staking.
The integration will combine Coinbase Custody’s institutional-grade offline storage solution with the Bison Trails infrastructure platform. This will give Coinbase Custody users the ability to stake their DOT to validators on the Bison Trails network. Bison Trails will initially support only the Polkadot protocol but support for more protocols is planned in the near future.
By delegating DOT tokens to Bison Trails validators, Coinbase customers will be helping to secure the Polkadot protocol and will earn rewards in return. “DOT holders now have the unique ability to utilize both our leading blockchain infrastructure and the leading custodian of crypto assets to ensure tokens are secure and that they are earning participatory rewards,” said Bison Trails CEO Joe Lallouz.
About Polkadot and Bison Trails
Bison Trails is a US-based Infrastructure-as-a-Service company focused on blockchain participation. Its platform is designed to simplify participation in new blockchain networks by running third-party validators like the Tezos Bakers or Libra Validators. By utilizing Bison Trails’ services, customers save time and money that would have been spent developing the engineering, protocol, dev ops, or security competencies needed to run a validator in-house.
Polkadot is a sharded blockchain protocol designed to help networks operate seamlessly at scale. It aims to address problems of interoperability, security, and scalability that are commonly found in modern blockchains. Unlike many other platforms where miners get preference, Polkadot token holders have a higher degree of governance over the protocol. Privileges such as the managing of protocol upgrades and fixes are given to all participants on the Polkadot network.
About Coinbase Custody
Coinbase Custody is a secure, offline asset storage solution developed by major crypto exchange Coinbase. Launched in 2018, it’s regulated by the New York State Department of Financial Services and operates as an independent entity.
The service provides a way for customers to securely store digital assets in a segregated manner protected by industry-leading insurance. It has recently begun investigating secure staking methods. “Staking is an increasingly important element of the crypto ecosystem. It provides Coinbase Custody clients [a] way to participate in network rewards while also contributing to the security and governance of the ecosystem,” said Coinbase Custody CEO Sam McIngvale. “Working with partners like Bison Trails allows us to offer our clients an easy way to participate in Proof of Stake networks like Polkadot (DOT) at launch.”