American compliant crypto bank Anchorage Digital has officially launched custody and staking support for Starknet's native token STRK to meet investors' demand for digital asset yields.
According to a Wednesday announcement, the current annual percentage rate (APR) for STRK staking is 7.28%. Anchorage has been providing STRK custody services since January and now further supports staking functionality.
The company stated, "Anchorage Digital has a long-term partnership with Starknet and is now offering custody and staking services for STRK to institutional clients."
Starknet is a layer two scaling network built on Ethereum (ETH) that uses zero-knowledge proof technology to enhance transaction efficiency. Earlier this year, Starknet introduced staking as part of its decentralized roadmap, allowing STRK holders to secure the protocol and earn rewards.
This launch comes at a time when yield-generating crypto products are increasingly competing with traditional financial products. U.S. Treasury bonds have long been viewed as the safest investment, currently yielding between 4.0% and 4.5%. However, market expectations for a rate cut in September are as high as 94%. In the context of loose monetary policy, lower returns may make crypto staking more attractive to investors.
Despite U.S. banks like JPMorgan and BNY Mellon focusing on the tokenization of blockchain assets, staking as a yield-generating product continues to gain attention and is seen as one of the key factors driving the growing popularity of Ethereum (ETH) treasury funds.
In September, the Ethereum (ETH) staking queue reached its highest level since the Shanghai upgrade in 2023. On-chain data shows that over 860,000 ETH (approximately $3.7 billion) are currently queued for staking.
Staking involves locking up crypto assets to help secure the blockchain network and earn rewards. As institutions enter the crypto space, interest in staking functionality continues to rise.
Swiss Sygnum Bank became the first compliant bank to launch Ethereum (ETH) staking services in 2021, while Nomura-backed Komainu plans to launch Lido staking custody services for Ethereum (ETH) in markets like Dubai and Jersey by 2025, targeting institutional clients in need of compliant options.
In July, the Liquid Collective alliance launched liquid staking token LsSOL for Solana (SOL). This product is one of the first attempts to standardize Solana (SOL) staking for institutional clients.
Related: Bitmine currently holds 1.86 million ETH, accounting for approximately 1.55% of the total Ethereum supply.
Original article: “Anchorage Launches Staking Services for Institutions on Starknet to Meet Crypto Yield Demand”
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