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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.
OIO Holdings, a provider of engineering and blockchain-related services, said it bought Moonstake for an undisclosed amount in an all-stock transaction.
STORY CONTINUES BELOW
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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
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
