Market Maker B2C2 Teams With Blockdaemon, Stakewise to Provide Ethereum Staking Liquidity
Crypto market maker B2C2 has teamed up with blockchain infrastructure firm Blockdaemon and staking protocol Stakewise to provide liquidity for staked ether (sETH), according to an emailed announcement shared with CoinDesk.
B2C2 says it will be the sole over-the-counter (OTC) spot liquidity provider for the digital receipt token sETH-h, built on liquid staking platform Portara. Users that have staked ether on the Ethereum blockchain will be able to use sETH-h tokens to exit their positions or earn rewards elsewhere in the crypto ecosystem.
Liquid staking is the process whereby users are given derivative tokens in
The liquid staking market is dominated by decentralized finance (DeFi) app Lido, in which users had locked $7.8 billion as of the middle of last month. Its native token, LDO, more than doubled in value in January to $2.08.
B2C2 says the key innovation offered by Portara is that of integrating know-your-customer (KYC) and anti-money laundering (AML) compliance into the process. The sETH-h tokens users receive in exchange for their staked ether are only transferrable on-chain between addresses that have been subject to KYC checks.
Read more: Index Coop Introduces Index for Diversified Liquid Ethereum Staking
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