This could mark a defining moment in how big money enters decentralized finance.

Over 50 Protocols, Zero Custody Risk

Blockdaemon’s new platform enables yield farming and proof-of-stake (PoS) staking across more than 50 blockchain networks—without requiring asset custody.

Compliant with ISO 27001 cybersecurity and SOC 2 data standards, Earn Stack promises full slashing protection and seamless DeFi access via institutional-grade APIs.

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CEO Konstantin Richter emphasized, “Crypto-native institutions and protocol developers demand enterprise-level infrastructure. Earn Stack is that foundation.”

Plug-And-Play DeFi Access for Institutions

With a no-code widget, Earn Stack allows institutions to embed multichain staking and DeFi functionality in their platforms. For advanced setups, the suite includes:

• DeFi API aggregating liquidity and price data
• Staking API standardizing access across blockchains
• Reporting API to monitor staking rewards

The move comes at a time when staking demand—especially for Ethereum (ETH)—is surging, with over 35 million ETH staked.

ETF analysts now expect the first staking-based ETFs for Ethereum and Solana (SOL) to debut in the U.S. within weeks, heightening the relevance of Blockdaemon’s institutional solution.

The company has also hinted at a possible IPO in 2026, underlining its growing ambition in the institutional crypto infrastructure space.

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Rethinking Wallet Infrastructure

Founded in 2022 by former Coinbase Custody engineers, Turnkey provides next-generation wallet infrastructure. Its embedded wallet technology eliminates the need for vulnerable seed phrases, making it easier and safer for developers to integrate crypto into their platforms.

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Notable clients include Web3 platform Alchemy, NFT marketplace Magic Eden, and prediction market Polymarket. The company has now raised $30 million in a Series B round led by Bain Capital Crypto, with participation from Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures. This brings Turnkey’s total funding to $50 million.

Building the Future of Digital Finance

With the new funding, Turnkey plans to scale its engineering, product, go-to-market, and operations teams. Focus areas include modular payment infrastructure, AI-powered agents, and decentralized finance applications.

The company emphasizes that less than 10% of the global population currently uses crypto. Yet, the infrastructure being built today will be crucial in shaping the next decade of digital finance.

Rising Demand for Infrastructure

Investor interest in blockchain infrastructure has surged in recent years. In 2022, Fireblocks raised $550 million, while Blockdaemon secured $362 million across two rounds. Privy, a direct competitor to Turnkey, also raised a total of $40 million earlier this year.

According to Market Research Future, the blockchain infrastructure market is projected to grow from $27.4 billion in 2025 to $221.4 billion by 2034. Its applications are expected to expand beyond crypto into supply chain management, energy systems, and disaster recovery.

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Blockdaemon aims to actively participate in the UAE’s Web3 development by providing its institutional-grade infrastructure solutions within the country. This includes offering access to their node and validator infrastructure, along with their self-hosted MPC wallet technology.

Strategic Partnership with ADGM

Amor Sexton, COO of Blockdaemon, expressed the company’s enthusiasm for this expansion, highlighting it as a “significant stride” in solidifying their presence within the UAE market. Arvind Ramamurthy, Chief of Market Development at ADGM, echoed this sentiment, emphasizing their commitment to fostering a welcoming environment for Web3 companies.

“The decision of a prominent institutional-grade blockchain infrastructure company to expand in this region with ADGM underscores the progressive regulatory environment offered by our international financial center,” stated Ramamurthy. He further expressed anticipation for the growth opportunities this collaboration will unlock within the region.

Blockdaemon’s Focus on Institutional Adoption

Blockdaemon has consistently focused on developing robust infrastructure solutions tailored for blockchain protocols, catering to both crypto-native and traditional financial institutions. Their expansion into Abu Dhabi aligns with this core mission, aiming to accelerate institutional adoption of blockchain technology within the UAE.

This expansion follows a series of strategic moves undertaken by Blockdaemon to solidify their global presence. Notably, they expanded into the Asia-Pacific region in February 2022, followed by their entry into the EMEA region in March 2022. Additionally, Blockdaemon achieved unicorn status in September 2021 after securing a $155 million funding round, propelling their valuation to a staggering $1.255 billion at the time.

Blockdaemon’s continued dedication to innovation is further evidenced by their recent commitment to the Stacks software. On May 5, 2024, they joined a group of eight prominent companies to actively utilize Stacks, a leading Bitcoin layer-2 network offering smart contract functionalities.

The post Blockdaemon Secures Regulatory Approval for Abu Dhabi Office and Entity appeared first on Coin Engineer.

As part of the expansion plans, the United Arab Emirates will be the location where Web3 infrastructure solutions will be operated and provided. In addition to this, it will be necessary to make its node and validator infrastructure solutions accessible in the region, in addition to its self-hosted machine-proof concept wallet technology.

The move is a “significant stride” for the company, according to Amor Sexton, who is the chief operating officer of Blockdaemon. The company is expanding its footprint in the United Arab Emirates.

Arvind Ramamurthy, who is the chief of market development at ADGM, shared the view and stated that they are attempting to create an atmosphere that is “conducive to the growth and success” of Web3 companies:

“The decision of a prominent institutional-grade blockchain infrastructure company to expand in this region with ADGM underscores the progressive regulatory environment offered by our international financial center.”

Specifically, Ramamurthy stated that they are looking forward to the prospects that such approvals can “unlock” throughout the region. Blockdaemon is primarily concerned with the development of infrastructure that is suitable for institutional use for blockchain protocols, crypto-native cryptocurrencies, and traditional financial institutions.

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