Anchorage Digital, a platform for institutional cryptocurrency trading, has announced its endorsement of native DYDX staking. Institutional investors can now deposit DYDX into secure custody at Anchorage Digital and receive staking incentives in USDC from the protocol.
Anchorage Digital is a leading crypto platform that provides a range of services such as custody, staking, trading, governance, settlement, and top-notch security infrastructure. It is also home to the only federally authorized digital asset bank and offers custody and staking services to both traditional and decentralized finance institutions.
Anchorage Digital has been supporting native DYDX custody since the launch of the dYdX Chain in Q4 of last year and ethDYDX custody since its mainnet debut in August 2021. The platform carefully selects a wide range of assets to meet institutional demand and ensure quality and safety. Customers now have the opportunity to stake DYDX and receive staking rewards, as both the DYDX tokens and USDC tokens earned are securely held in custody on the Anchorage Digital platform.
The dYdX Chain is a leading decentralized finance system specializing in perpetual futures. It operates in a fully decentralized manner and is regulated by the community. The protocol fees are distributed in full to DYDX stakers to enhance the security of the dYdX Chain.
According to Mintscan, the dYdX Chain has achieved a total trading volume of over $136 billion and has distributed over $23 million in USDC as staking rewards to nearly 20,000 stakers since its introduction six months ago. As of May 13, 2024, the current annual return rate stands at 18%.
Anchorage’s support for native DYDX staking strengthens institutional interest by leveraging Anchorage’s secure and regulated custodial services. This collaboration offers a regulatory-compliant staking solution for individuals who own DYDX tokens and promotes the adoption of DYDX tokens by institutional investors, contributing to the overall expansion of the ecosystem.
The partnership between Anchorage Digital and the dYdX Foundation aims to foster and expand the dYdX protocol ecosystem by facilitating the participation of communities, developers, and decentralized governance. The dYdX Chain software is open-source and can be used or integrated by any entity in compliance with the relevant license.
Anchorage Digital supports institutions through its branches in Singapore, Porto, and other solutions. Anchorage Digital Bank N.A. is the only federally chartered crypto bank in the United States. The company has attracted investments from leading investors such as Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, resulting in a valuation of over $3 billion in its Series D funding round. Founded in 2017 in San Francisco, California, Anchorage Digital also has offices in Singapore, Sioux Falls, South Dakota, New York, and Portugal.
