Coinbase Cloud, Figment Backs Institutional Liquid Staking Protocol
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Coinbase Supports First Enterprise-Grade Liquid Staking Protocol
In an official blog post, Coinbase stated that its cloud division would be supporting the development of the first-ever enterprise-grade liquid staking protocol.
To make this possible, the company is collaborating with staking platform Figment and software development firm Alluvial Finance to support a group of experienced founders and operators building the institutional-grade protocol. Coinbase Cloud and Figment will serve as validators on the new Alluvial protocol.
Alluvial is led by Matt Leisinger, former head of liquid staking products at Figment; Nicolas Maurice, the former chief technology officer of staking-as-a-service platform Kiln; and Mike Taormina, former head of institutional business at the Index Cooperative.
Catering to Institutional Needs
The intention behind building the upcoming project includes that current liquid staking protocols do not cater to the needs of institutional investors.
Alluvial will initially support staking on Ethereum and has a plan of multichain support in the future. The protocol is expected to launch sometime later this year.
As of yet, it remains unknown if Alluvial has raised any funds and whether Coinbase and Figment are investors in the project.