Regulated crypto bank Anchorage has announced that it has launched an Ethereum (ETH) staking service for institutional investors following the network’s transition to a Proof-of-Stake (PoS) consensus algorithm.

The company has started registration of future customers of the service.

Possibly a “merger” [The Merge] Ethereum developers will keep it in August. In June, the team migrated the Ropsten testnet to the PoS algorithm.

Once the merge is applied to the mainnet, users will be able to deposit cryptocurrencies for verification. The reward will consist of two parts: a block reward and the transaction priority fee that miners are currently receiving. Ethereum developer Justin Drake predicts the rate to be 8-9%, according to CoinDesk.

According to Anchorage President Diogo Monica, institutional investors used to be “very uncomfortable with betting in the past”. “The transition of such a large network to the PoS algorithm and the support of the bank will actually legitimize the solution as an alternative to Proof-of-Work.”

“One of our largest holdings is about to go through an interesting transition where you will be highly motivated by creating profitable betting games to actually stake your assets. So there is a bit of a frenzied rush to find a partner who can really bet,” Monica said.

According to him, the current market decline did not affect the use of the Ethereum network. Monica noted that there are price-independent use cases of cryptocurrencies, such as payments and payments in stablecoins, which are expanding thanks to fintech, corporations, and large corporations.

“Such use cases are accelerating or at least unaffected by the bear market,” he added.

Recall that in December 2021, Anchorage raised $350 million during its Series D funding round, and the valuation of the crypto bank reached $3 billion.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.