Anchorage Digital Expands DeFi Services with HYPE Staking via Figment Partnership

• Anchorage Digital adds HYPE staking on HyperCORE, expanding DeFi support.
• Staking is available through Anchorage Bank, Singapore, and the Porto self-custody wallet.
• Collaboration with Figment enhances staking infrastructure for the Hyperliquid ecosystem.

Anchorage Digital has expanded its support for the Hyperliquid ecosystem by adding HYPE staking on HyperCORE. This service complements its existing HYPE custody services on HyperEVM. Anchorage aims to offer more options for users in the growing decentralized finance (DeFi) space.

Anchorage Digital Bank and Anchorage Digital Singapore will be able to offer staking services. The latter has a license of a Major Payment Institution. Staking is also going to be offered through Porto, which is the self-custody wallet of Anchorage. This feature simplifies the process of managing and holding the crypto safely by the end-user.

According to a report, the company also collaborates with Figment, a stake infrastructure, to operate the underlying novelty infrastructure. This makes the process of stakeholding effective and safe. The partnership will enable Anchorage to facilitate additional operations in the Hyperliquid ecosystem.

Anchorage Digital’s Growth Driven by Increasing DeFi Demand

By offering staking and custody services on HyperCORE and HyperEVM, Anchorage Digital can now support a broader range of activities within the Hyperliquid ecosystem. Porto by Anchorage is a self-custody wallet allowing users to access the DeFi ecosystem offered by Hyperliquid. Other tokens of HyperEVM that the company will offer custody services for will include Kinetiq.

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Hyperliquid is a layer-1 blockchain that has two architectures. HyperEVM assists Ethereum-style smart contracts, whereas HyperCORE is interested in native staking. The growth of Anchorage can be described by the increasing demand for using the DeFi services and connecting the traditional financial sphere with the blockchain sphere.

Source: Anchorage Digital

Major Crypto Platforms like Crypto.com and Coinbase Integrate DeFi Services

This is only a few months after Anchorage Digital announced partnering with Mezo, which is a DeFi that specializes in creating Bitcoin-backed borrowing. The move by Anchorage into DeFi indicates that Anchorage takes on the challenge of providing custodial and non-custodial services to institutional clients.

There is a growing pace to institutional adoption of DeFi services. Greater numbers of custodians and other infrastructure providers are providing staking and other DeFi services. Such firms as Crypto.com and Coinbase also provide DeFi services on their platforms, enabling users to stake and loan out crypto in their apps.

The DeFi services are in increasing demand among institutions. Cryptocurrency infrastructure provider Threshold facilitated more users of Bitcoin to spend in the DeFi protocol in November. A Binance Research report released earlier estimated that the DeFi lending protocols had increased by 72% in 2023. The latter expands the concept of rising institutional usage of stablecoins and tokenized assets.

Also Read: Cardano Mainnet Faces Temporary Fork, Node Update 10.5.2 Released