Bit Digital, Inc. (Nasdaq: BTBT), a New York-based firm that mines digital assets, is happy to announce that it has officially started its Ethereum staking operations. Bit Digital wants to safeguard and fortify the blockchain network by delegating, or stakeing, its ETH holdings to an Ethereum validator node. Stakers receive a reward in the form of a native network coin in exchange for their dedication.
With this, Bit Digital’s primary business—mining bitcoin—expands to include verifying transactions on the Ethereum blockchain. Even while the company continues to support and be optimistic on bitcoin, it anticipates earning money from the Ethereum network through validator awards.
A new cooperation between the company and Blockdaemon, the top provider of institutional-grade blockchain infrastructure for node management and staking, has improved the company’s staking operations. Bit Digital will take part in liquid staking through Portara, the first liquid staking protocol created by Blockdaemon and StakeWise that is geared toward institutions, using a similar method to regular Ethereum staking. Participants in liquid staking can 1) use their staked ETH as collateral to increase capital efficiency, and 2) trade their staked ETH tokens on the secondary market to exit staked positions earlier than would otherwise be possible.
Portara’s main advantage over other liquid staking solutions is that it makes sure users can only communicate with confirmed counterparties. As a result, a number of regulated institutions that were previously prohibited from engaging in liquid staking have joined Portara and are now doing so.

Source: Prnewswire