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Nansen Buys StakeWithUs, Expanding Beyond Data Provision Into Crypto Investment
The company will also become one of the first validators on the Berachain mainnet.
Updated Sep 10, 2024, 11:00 a.m. Published Sep 10, 2024, 11:00 a.m.
- Nansen bought StakeWithUs to add token staking in its first foray outside the provision of data for cryptocurrency traders.
- The purchase of the platform backed by the Singapore government's SGinnovate program cost more than $1 million.
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.
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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 SOL, 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 network. Stakers lock away their tokens, 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 Ethereum Virtual Machine (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 transactions.
Read More: Bitcoin Staking Platform Babylon to Start Phased Mainnet Launch This Week
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