BitGo has taken a step further by offering a secure and simple AVAX staking solution for institutional and enterprise partners. It is offering clients the first and only Avalanche staking solution from qualified custody.
Avalanche stands out as it’s a multi-chain blockchain composed of three separate chains and application-specific blockchains called subnets. Leveraging on this, BitGo makes staking Avalanche a straightforward process. It enables users to quickly and securely stake AVAX from their BitGo wallet.
John Nahas, VP of Business Development at Ava Labs, said institutions and investors are looking for a secure, regulated custodian through which to hold their crypto assets. He explained that by enabling AVAX staking, BitGo is answering the call for a secure and institutional-grade solution to this segment. Nuri Chang, VP of Product at BitGo, said investors had to risk sacrificing security, ease of use, or accessibility to take advantage of the full scope of the Avalanche ecosystem. He shared that investors can now hold their assets in regulated custody, the stake from cold storage, and participate in over 400 projects built on the Avalanche chain.
It should be noted that staking in the Avalanche ecosystem occurs in the P-chain. The first step ensures that the users’ funds are on the correct chain. If the funds are on any other chain (C or X), it needs to be transferred to the P-chain. BitGo doesn’t currently support the X-chain. It supports the P-chain to C-chain import and export. According to the blog post, the minimum staking period is two weeks and the maximum is one year, with the minimum amount of AVAX to become a validator being 2,000 tokens. BitGo will support delegated staking in the near future.