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Nansen Buys StakeWithUs, Expanding Beyond Data Provision Into Crypto Investment

Jamie Crawley01 views
  • Nansen bought StakeWithUs to add token in its first foray outside the provision of data for cryptocurrency traders.
  • The purchase of the platform backed by the Singapore 's SGinnovate program cost more than $1 million.
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Blockchain data provider Nansen said it bought staking platform StakeWithUs as CEO Alex Svanevik looks to expand beyond data provision into offering investment services for institutions and retail traders.

While the purchase price was not disclosed, a spokesperson for the company said it was a seven figure sum.

StakeWithUs, which is backed by the Singapore government's innovation project SGinnovate, provides staking across multiple blockchains. Following its integration, Nansen will offer non-custodial staking for over 20 assets, including , SUI, OSMO and ATOM, according to an emailed announcement on Tuesday.

Staking is one method used by blockchains to select honest participants and verify new blocks of data being added to the . Stakers lock away their , participate in the verification process, and receive more tokens as a reward.

“By enabling staking within Nansen, we are not only expanding our service offerings but also enhancing our support for the blockchain ecosystems we integrate with,” Svanevik said in a statement.

Nansen, which is based in Singapore, will also add new blockchains to its platform, including Berachain, a new layer 1 system compatible with the (EVM). Nansen will be one the first validators on Berachain's mainnet, which marks the company's first foray into supporting a blockchain by validating .

Read More: Bitcoin Staking Platform Babylon to Start Phased Mainnet Launch This Week

Edited by Sheldon Reback.

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