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Ferrum Network introduces staking-as-a-service solutions on Algorand

 


The Algorand blockchain now has its first staking-as-a-service solution provider.


Ferrum Network, the blockchain project dedicated to solving interoperability issues of existing blockchain technology, announced today that it has launched its staking-as-a-service solutions on the Algorand blockchain.


In a press release shared with Coin Hero, Ferrum said its staking-as-a-service solution is the first on the Algorand network.


This latest development comes after the Algorand Foundation awarded the Ferrum Network a grant to launch its suite of products on the Algorand blockchain.


To date, the Algorand ecosystem has not had a true staking-as-a-service provider. Ferrum Network's executive vice president of partnerships and growth, Nick Odio, said this latest development is a major step forward for the company. 


“This integration is an important stepping stone in Ferrum's quest for Interoperability 2.0. This is the first of many integrations Ferrum has completed with a non-EVM compatible network and we are honored to have Algorand on our side for this.”


After launching the Staking-as-a-Service solution, the Ferrum Network team will focus on adding its multi-chain token bridge to Algorand by the end of Q2 2022.


The integration of the multi-chain token bridge will enhance the interoperability of the Algorand blockchain, enabling seamless bridging and asset exchanges from a variety of Ethereum Virtual Machine (EVM) compatible chains to Algorand and other non-EVM compatible networks.


According to the Ferrum team, the launch of the multi-chain token bridge will position Algorand as the first non-EVM compliant network fully integrated into Ferrum's interoperability protocol.


In addition, the Algorand Virtual Machine (AVM) becomes fully interoperable not only with the diverse network of Ethereum Virtual Machine (EVM) compatible chains, but also with other individual blockchains.


Daniel Oon, Head of DeFi at the Algorand Foundation, commented:


“We look forward to Ferrum going live on Algorand. This version allows users to choose a staking pool based on their time preference and earn juicy rewards.”

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