In the last few years, staking has become a leading activity among crypto users. Instead of letting tokens sit in their wallets, their holders can stake them to generate passive rewards while decentralizing networks. This is one of the reasons why the majority of ADA, AVAX, ATOM and other native tokens of well-known chains are staked.
However, traditional staking has a few downsides: for one, tokens must be locked for a specific period and can’t be withdrawn before it ends. Without the ability to exchange their funds while they are staked, users are exposed to increased risks of market volatility, nor can they use the tokens on other platforms or protocols, which reduces the capital efficiency of traditional staking.
Liquid staking solutions have tackled most of these issues but introduced their own challenges for market participants. These include the lack of Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, inadequate security measures, and the fact that liquid staking solutions are unsuitable for large-volume liquidity needs.
To address these challenges, Brighty App, a Swiss fiat and crypto neobank, has recently partnered with the leading staking provider Blockdaemon to introduce an institutional-grade ETH staking solution and fulfill the demands both of private and institutional clients.
Brighty App: Swiss-Level All-In-One Neobank for Crypto and Fiat
Built by a team of seasoned Swiss bankers and ex-Revolut software developers, Brighty App takes a community-driven approach to help people seamlessly manage their digital assets within a single platform. Its users can access a combination of traditional digital banking and crypto services with high-yield opportunities to generate passive income via the app available on the App Store and Google Play.
Powered by traditional end-to-end security and Web3 technologies, Brighty App seeks to offer its customers access to both multicurrency and cryptocurrency accounts, instant exchange between crypto and fiat currencies, EUR SEPA and GBP FPS transfers, and physical and virtual debit cards (with the ETA for the latter set for August). Licensed in the EU and fully regulatory compliant, Brighty App enables users to grow their wealth by earning up to 8% APY on stablecoins and selected cryptocurrencies through a regulated service.
Institutional-Grade Staking Powered by Blockdaemon
As its latest milestone, the team seeks to expand the app’s functionality with institutional-grade ETH staking through a collaboration with Blockdaemon. Helping TradFi clients deploy over $1 billion of staking infrastructure to date, Blockdaemon Stake is a leading institutional solution that offers safe and reliable staking services with a 100% slashing insurance guarantee.
With Blockdaemon Stake integrated into Brighty App, users can stake ETH and earn rewards, expanding the neobanking app’s wealth-building capabilities.
“We are excited to help combine traditional banking with crypto banking on the Brighty App, an institutional-grade platform that will provide both institutional and private users with access to the best of both worlds,” said Luke Dorney, General Manager & VP of Sales EMEA at Blockdaemon. “Blockdaemon excels at helping financial institutions like Brighty App bring their crypto-based banking strategies to market with industry-standard safeguards and compliant infrastructure.”
Exploring the New Staking Solution
The addition of Blockdaemon Stake allows Brighty App’s users to earn staking rewards via a simple process, where the user deposits and holds ETH in their wallets, stakes their tokens with Blockdaemon and then receives sETH-h receipt tokens representing the staked ETH that can be used to maximize utility in the CeFi or DeFi market. In addition, Brighty App’s customers accumulate rewards on the staked ETH and they will receive these rewards as rETH-h receipt tokens that can be used immediately in the CeFi or DeFi market .
“Our collaboration with Blockdaemon combines traditional and cutting-edge crypto banking, offering a seamless platform for users to stake ETH, earn rewards, and maintain full control over their assets. The goal is to empower our customers to unlock new wealth generation opportunities in the crypto space, while maintaining the highest level of security and regulatory compliance,” said Nikolay Denisenko, Co-Founder and CTO at Brighty App.
A Novel Way to Build Wealth
The project’s solution offers Brighty App’s clients access to an institutional-grade liquid staking solution, where they can:
- Instantly withdraw their receipt tokens on-demand
- Use Brighty App’s CeFi service that utilizes DeFi in vault yielding strategies
- Get their institutional liquidity needs fulfilled via partnerships with institutional-grade liquidity providers
- Access robust end-to-end KYC and AML throughout the whole staking process
- Benefit from full slashing insurance and avoid getting impacted by penalized validators
- Stake ETH via an audited service (prominent auditor firms have already audited the code six times)
To learn more about the Brighty App, visit the neobank’s official website. At the same time, users can follow the project via Instagram, Twitter, LinkedIn, and Facebook, as well as join its Discord community to stay in the loop with the latest news.