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Singapore-Listed Blockchain Firm Buys Crypto Staking Platform Moonstake
Through its 100% ownership of Moonstake, OIO will receive a commission of up to 0.5% of staking assets.
Updated May 9, 2023, 3:20 a.m. Published May 31, 2021, 12:17 p.m.
OIO Holdings, a provider of engineering and blockchain-related services, said it bought Moonstake for an undisclosed amount in an all-stock transaction.
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- Moonstake is the second-largest staking business in Asia, Singapore Exchange-listed OIO said in an emailed release Monday, with assets staked passing $900 million as of end-May.
- Through its 100% ownership of Moonstake, OIO will receive a commission of up to 0.5% of staking assets.
- "The commission-based model provides us with good visibility of earnings," said Rudy Lim, CEO of OIO’s blockchain business subsidiary.
- The firm emphasized that the trend toward proof-of-stake reduces environmental concerns over proof-of-work validation, otherwise known as mining, on blockchains such as Bitcoin's.
- Ethereum plans to move to proof-of-stake validation later this year.
Read more: Valid Points: Ethereum’s Proof-of-Stake May Happen Sooner Than You Think
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