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Crypto Garage Adds Staking Service as part of its Institutional Digital Asset Custody Service Lineup
– Crypto Garage, Inc. (Crypto Garage), a subsidiary of Digital Garage, Inc. that develops blockchain financial services business in the Fintech field, launches Ethereum (ETH) staking service that complements existing institutional digital asset custody service “SETTLENET CUSTODY” (*1). This ETH staking service will allow clients to earn rewards on their ETH holdings while securely stored in the custody.
Staking refers to the mechanism where users deposit their cryptocurrency holdings into a blockchain network to contribute to its operation and in return, receive rewards. By staking ETH, for instance, individuals help secure the network and contribute to the validation of transactions, thus playing a significant role in the success of the ETH blockchain.
Comments from Masahito Okuma, CEO at Crypto Garage
The current crypto market is in a new growth phase, with new systems and services continuing to arrive rapidly, as well as moves toward the market formation for institutional adoption.
The Digital Garage Group, together with Crypto Garage, aims to accelerate growth through the fusion of the non-linear business growth area of these next-generation technologies and the continuous growth area of its core business centered on payment.
At Crypto Garage, we are committed to providing innovative solutions that meet the evolving needs of our clients. The launch of our ETH staking service further demonstrates our dedication to offering comprehensive financial services in the digital asset space. We will continue to accelerate our research and development efforts towards the development of financial services utilizing blockchain and cryptographic technologies.
Background of this service
Crypto Garage has been providing blockchain-related payment services and associated products to Japanese and overseas professional cryptocurrency trading companies with “SETTLENET” (*2). In June 2021, it completed registration with the Kanto Finance Bureau as a cryptocurrency exchange operator based on the Payment Services Act, with the aim of providing brokerage services for transactions between Japanese cryptocurrency exchanges and overseas cryptocurrency trading companies (*3).
In April 2023, it launched a digital asset custody service “SETTLENET CUSTODY” (*4). In “SETTLENET CUSTODY,” Crypto Garage holds customers’ digital assets in a secure environment. Assets are segregated for each customer and backed by world class, battle-tested and peer-reviewed security.
Through “SETTLENET CUSTODY” service, Crypto Garage has decided to offer staking services as part of its expanded functionality to meet the needs of more clients.
Future roadmap
With the transition of ETH to PoS (*5) in 2022, staking is gaining popularity among investors as a feature for asset management using crypto assets. Crypto Garage plans to expand its staking service to other crypto assets using PoS in order to provide more revenue opportunities to its customers.
For more information about our ETH staking service and other offerings, please contact us here.
＜Reference＞
Strategy and Positioning of the Crypto Garage BusinessTo drive DX for a wide range of businesses in the context of drastic changes in society and industrial structure, we have a DG group’s strategy, “DG FinTech Shift,” which integrates payments, data, and technology. Under this strategy, DG aims to achieve higher growth by implementing measures that contribute to the following aspects: market share expansion, development of new services, improvement and strengthening of the profit structure, and multi-layering of revenues.
Crypto Garage has been working on the research, development, and commercialization of blockchain financial services in the Fintech domain, starting with the first certification in the regulatory sandbox system (in the blockchain and financial sectors) and expanding to financial services such as trading, payment, and custody of digital assets and including software development and R&D services.
Together with the growing interest in crypto assets among corporate and institutional investors, we were among the first to develop B2B custody business and have created services that meet a wide range of client needs, such as the expanded staking service functionality introduced in this press release.
DG Group and Crypto Garage will continue to aim for discontinuous growth through next-generation technology and contribute to the development of a sustainable society through the provision of more advanced financial services.
*1: Crypto Garage Launches the Commercial Service of “SETTLENET,” a Settlement Platform for the Crypto Asset OTC Market
https://cryptogarage.co.jp/en/news/20200609/
*2: Crypto Garage Launches SETTLENET Product to Boost Application Development for Blockchain Based Financial Institutions
https://cryptogarage.co.jp/en/news/20190121_01/
*3: Crypto Garage Completes Registration as a Crypto Asset Exchange Service Provider
https://cryptogarage.co.jp/en/news/20210629/
*4: Crypto Garage Launches New Custody and OTC Trading Services for Digital Assets
https://cryptogarage.co.jp/en/news/20230403/
*5: Abbreviation for Proof of Stake, a consensus algorithm adopted in cryptocurrency blockchains. Meaning “proof of stake,” this mechanism makes it easier for participants with larger holdings to validate transactions.
【About Crypto Garage, Inc.】
https://cryptogarage.co.jp/en/
Crypto Garage, Inc. (HQ: Tokyo; President and CEO: Masahito Okuma) is a Fintech company developing blockchain financial services that Digital Garage, Inc. and The Tokyo Tanshi Co., Ltd. (HQ: Tokyo; President: Shoji Ushiro) co-founded.
【About Digital Garage, Inc.】
https://www.garage.co.jp/en/
Digital Garage’s corporate purpose is “Designing ‘New Context’ for a sustainable society with technology.” Digital Garage operates a payment business that provides one of the largest comprehensive payment platforms in Japan. In addition, DG has a marketing business that provides one-stop solutions in the digital and real world, and a startup investment and development business that reaches out to promising startups and technologies in Japan and overseas.