Cryptocurrency brokerage sFOX is providing customers commission-free access to blockchain staking directly from regulated custody without the risks associated with transferring ownership of their coins, the company said Tuesday.
A software layer designed to make staking easy, sFOX allows professional users, high-net-worth individuals, hedge funds and the like to store their staked crypto in Wyoming trust company accounts that offer complete segregation and protection of customer funds in the unlikely event of company bankruptcy, according to a press release.
“We are providing a gateway to staking without stepping in the middle or taking any revenue or profit,” sFOX founder Akbar Thobhani said in an interview. “The customer can stake directly with the blockchain and receive rewards directly from the blockchain. It’s unlike some other staking projects where you transfer ownership of your assets and third parties can make decisions for you on how to stake or lend those coins.”
A focus on segregated, bankruptcy protected and regulated custody makes sense following the various crypto companies that collapsed last year. The sFOX staking product aims to increase innovation, allowing portfolio managers to stake the same crypto on which they hold open positions on the platform, the firm said.
“Most important right now is bringing transparency to crypto,” Thobhani said. “It means really having to rethink things in this space.”
Edited by Sheldon Reback.