By Adeola
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KYVE Partners Europe’s Finoa On Token Custody And Staking Infrastructure

Validated data hub, KYVE is ramping up its token with an exclusive partnership Finoa, Europe’s leading crypto platform for institutional investors, as it approaches mainnet launch.

The collaboration which was announced this week would give the $KYVE, KYVE’s native token an institutional custody and make it available for staking.

KYVE is the tenth Proof-of-Stake token to be supported by Finoa which uses segregated wallets and allows holders to get rewards from validators directly into their accounts. Last year, it integrated the tokens of Agoric and Axelar for custody and staking.

…the integration of the KYVE token into the Finoa platform will also enable institutional investors to securely hold and stake KYVE using an intuitive interface designed for business use, Finoa said.

In cryptocurrency staking, holders of tokens can generate passive income by using their tokens to vouch for blockchain network transactions. Earnings can sometimes offer more returns than investment in traditional financial sectors. Although, like any other investment, they carry risks.

KYVE said it is excited about the support and benefits that will emerge as a result of the partnership and that users are in safe hands, the firm’s Co-founder and CEO Fabian Riewe said in a statement.

With Finoa being a well-regulated custodian, it’s reassuring to know that our stakeholders are in secure hands, Riewe said.

Finoa has had a long relationship with KYVE and is a supporter of the Cosmos ecosystem. It has been a node operator on the KYVE testnets. And now, being an exclusive launch partner for the KYVE Network thrills them, adding that it looks forward to supporting the KYVE team and investors with “qualified custody and staking participation at token genesis”.

KYVE’s unique approaches and tooling to solve data accessibility challenges will play an instrumental role in enabling crypto ecosystem innovation going forward, and it’s a pleasure for us to be supporting the exciting journey ahead, said Henrik Gebbing, co-founder of Finoa.

Arweave News had reported that KYVE is making plans to launch mainnet by the first quarter of this year. In early February of 2023, it launched Kaon which will serve as a platform to test features before they are pushed mainnet.

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Adeola is a journalist at Arweave News. As a former freelance journalist, his works were published by Newlines Magazine, The Continent and the Mail and Guardian. He has interest in the intersection of technology and human lives.

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