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SEC
Top Bitcoin Mining Pool Foundry Starts Digital Currency Staking Business
The new business will provide staking services to institutional investors for 20 blockchain networks, including Solana, Helium, The Graph and Horizen.
By Aoyon Ashraf
Updated May 11, 2023, 7:07 p.m. Published Nov 10, 2021, 6:28 p.m.
Foundry Digital has launched Foundry Staking to provide services to institutions related to various proof-of-stake (PoS) blockchain networks.
“We have made significant investments in engineering talent and PoS infrastructure to replicate our mining success in the fast-growing staking industry,” said Foundry CEO Mike Colyer, in a statement on Wednesday.
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Proof-of-stake is the name of the consensus mechanism that requires users to stake an amount of cryptocurrency to become validators, as opposed to the Bitcoin network’s proof-of-work system requiring users to purchase and run mining equipment.
Foundry will tailor its staking business to institutions such as exchanges, wallets, custodians, hedge funds, banks and venture capital firms. It will also provide various white-glove, customizable services for the mining pool’s clients.
Also, the business will collaborate with digital asset prime brokerage Genesis to provide its clients with various treasury management services.
Foundry’s North America-based bitcoin mining pool represents about 13% of total hashrate, with over 20 exahashes per second of mining power, according to network data collected by BTC.com.
Foundry Staking’s range of services will cover 20 blockchain networks including Solana, Helium, The Graph and Horizen, according to a statement on Wednesday.
Foundry and Genesis are subsidiaries of Digital Currency Group, which is the parent company of CoinDesk.
UPDATE (Nov. 12 16:06 UTC): Adds that Genesis is a DCG subsidiary.
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
