Ex-Telekom team launches active liquid staking department at crypto custodian Finoa

taketonews

• Ex-Telekom experts Dittrich and Schrader have been working for Finoa since May

• At Finoa, the two experts have set up a new liquid staking department (Finoa Consensus Services).

• The new department cooperates with StakeWise and wants to “prepare the crypto space for future regulation”.

Around six months ago, Andreas Dittrich and Daniel Schrader left Deutsche Telekom’s Blockchain Solutions Center, according to CoinDesk. It has now become known that the two experts have been working for crypto-custodian Finoa since May and helped found the new Finoa Consensus Services department there.

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Finoa’s liquid staking department works with StakeWise

CoinDesk quotes Dittrich, who heads the new Finoa department, as follows: “It was great working for Deutsche Telekom […] but the speed with which you can move things in a company like Finoa is really enormous.”

Finoa’s department has been cooperating with StakeWise since the end of May to work on building an infrastructure to support Proof-of-Stake (PoS) networks. StakeWise already offers liquid staking on the Ethereum blockchain and is working to improve the associated infrastructure.

At Finoa one is sure: Liquid staking will be very widespread in a few years

With liquid staking, investors can make their staked tokens tradable by injecting them into a protocol that stakes for them, BTC-ECHO explains. The protocol keeps a small portion of the staking rewards as payment, in exchange for passing liquid staking tokens to investors. These tokens grant full entitlement to the staked tokens, with the addition of automatically generating staking rewards.

“We think liquid staking will be on every single PoS network out there in a year or two. This may be new at the moment, but in the future it will become widespread […] – it doesn’t work without liquid staking,” Dittrich told CoinDesk.

Telekom is now also cooperating with StakeWise

Finoa also expects that there will be regulations in the area of ​​liquid staking as liquid staking is about to become a financial service: “We have to be ready for institutional customers who actively support PoS networks and at the same time do more with their capital So we are preparing the crypto space for future regulation.” Regarding the cooperation with StakeWise, the press release states: “We are pleased to announce that we have entered into a partnership with StakeWise to become the operator of the ETH liquid staking platform. As part of this partnership, Finoa will become a validator node operate in the Ethereum mainnet and the Gnosis Chain […]”

In fact, Finoa is not the only StakeWise partner, rather a whole range of other companies are also working with StakeWise on expanding the infrastructure for liquid staking – including Deutsche Telekom. Dittrich has so far left this uncommented on his Twitter channel.

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