Unido and Moonstake Partnership — What’s Coming From The Collaboration?
March 19, 2021, Unido announced its partnership with Moonstake, one of the largest global validator staking pools, with more than $800 million delegated assets. We are pleased to have Moonstake as our partner. Unido is going to help Moonstake attract institutional clients to its platform with its customized enterprise-grade self-custodian security solutions and engineer the overall development of Tezos staking through Moonstake on the Unido App. Adding to this, Unido is going to help Moonstake accelerate its internal developments in return for referring its institutional clients to our Enterprise Platform for world-class governance and security.
Let’s understand what the two companies are building together and how it is filling the much-needed gap in the DeFi sector for both institutional and retail investors.
Moonstake started its staking journey in 2020 with an aim to become the largest staking network in all of Asia. Moonstake already has web and mobile wallets that support more than 2000 wallets. Within 6 months, Moonstake is already holding crypto assets worth more than $800 million delegated by users to staking nodes. One of the assets which Moonstake is officially staking since January 2021 is DOT, the token Polkadot, the same blockchain network which powers Unido’s platform.
As a pivotal division of their business, Moonstake wants to continue targeting institutional investors like large banks, wealth management firms, hedge funds, and investment trusts to entice them to stake on Moonstake and manage their funds for a steady ROI. This is where the foundation of Unido’s much larger partnership with Moonstake starts to lay.
Unido — Moonstake’s Gateway to Institutions
Institutional investors like asset management firms and hedge funds require multisig secure wallets to store their assets. Adding to this, stringent governance practices are required on corporate assets to keep the internal financial operations more secure, private, and effectively managed. Moonstake will be using a customized version of Unido Insto product to lay down a sound corporate governance infrastructure. Alongside this, the asset managers Moonstake will be partnering with will be using UNIDO’s patented distributed key signing technology to facilitate approvals on activities on their corporate assets. Unido’s products will be of major assistance to Moonstake to attract corporate and institutional clients and Unido helps in fulfilling the security and governance demands of these big houses.
Unido + Tezos + Moonstake
Unido is providing complete engineering support and doing all the fundamental developments required by Moonstake to support the staking of Tezos. In preparation for Moonstake, we will be adding support for Tezos in the Unido wallet. This will be the first of many cross-chain bridges we will be adding to enable interoperability with Unido products. Adding to this, Moonstake is Unido’s first staking provider integration. Unido will be listing the Moonstake validator pools in its DeFi options interface, enabling Unido clients to easily and securely invest their crypto assets in Moonstake staking pools via the Unido DeFi Vault to generate additional yield on their assets.
Unido’s DeFi Vault and Moonstake? What’s the catch?
Unido EP is also building DeFi Vault, a business softwallet and DeFi dashboard where users will be able to invest in DeFi coins and track their DeFi activity, returns on DeFi assets, and updates on their DeFi portfolio with integrated partners such as Uniswap, Balancer, and Yearn Finance. We are happy to announce that the first integrated partner which is going to be completely supported in the DeFi vault is Moonstake. Users will be able to use Unido EP’s DeFi Vault to stake tokens on Moonstake and track all their historical data and yields on the tokens they stake on Moonstake.
Here’s a glimpse of what the process looks like for you.
You can start by choosing Moonstake as your preferred network.
The next step will be to deposit Tezos (XTZ) from your wallets and confirm the deposit.
Your funds will be staked and our DeFi vault in the app will be able to show all your activity on a single screen.
The partnership with Moonstake is helping us take a huge step outside our self-custody solutions and expanding the use case of the products which Unido will be building for not just for enterprises, but also for retail investors who are looking to generate yields on their DeFi investments. These developments will expand the usability of Unido app and increase the utility of UDO tokens multifold by virtue of the increasing demand of Unido’s two products among institutional and retail investors.
All the developments planned with Moonstake are already underway and Unido’s engineers have finalized the infrastructure after a series of prototype and wireframe testing. All the developments are planned to be completed within the next two weeks. The good news is Unido is already running ahead of the timeline and the operations are pacing up in the house. We will be releasing a development update again next week, so stay tuned and follow us on our Medium and Telegram Announcement channels.