Singapore-Listed Blockchain Firm Buys Crypto Staking Platform Moonstake

OIO Holdings, a provider of engineering and blockchain-related services, said it bought Moonstake for an undisclosed amount in an all-stock transaction.

STORY CONTINUES BELOW

Recommended for you:

Moonstake is the second-largest staking business in Asia, Singapore Exchange-listed OIO said in an emailed release Monday, with assets staked passing $900 million as of end-May.
Through its 100% ownership of Moonstake, OIO will receive a commission of up to 0.5% of staking assets.
"The commission-based model provides us with good visibility of earnings," said Rudy Lim, CEO of OIO’s blockchain business subsidiary.
The firm emphasized that the trend toward proof-of-stake reduces environmental concerns over proof-of-work validation, otherwise known as mining, on blockchains such as Bitcoin's.
Ethereum plans to move to proof-of-stake validation later this year.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.