Tokyo, Japan – Crypto Garage, Inc. (Crypto Garage) is delighted to announce the launch of our Ethereum (ETH) staking service that complements our existing institutional digital asset custody service “SETTLENET CUSTODY”(*1).  Our ETH staking service will allow clients to earn rewards on their ETH holdings while securely stored in our custody.

Staking refers to the mechanism where users deposit their cryptocurrency holdings into a blockchain network to contribute to its operation and in return, receive rewards. By staking ETH, for instance, individuals help secure the network and contribute to the validation of transactions, thus playing a significant role in the success of the ETH blockchain.

Comments from Masahito Okuma, CEO at Crypto Garage

The current crypto market is in a new growth phase, with new systems and services continuing to arrive rapidly, as well as moves toward the market formation for institutional adoption. 

At Crypto Garage, we are committed to providing innovative solutions that meet the evolving needs of our clients. The launch of our ETH staking service further demonstrates our dedication to offering comprehensive financial services in the digital asset space. We will continue to accelerate our research and development efforts towards the development of financial services utilizing blockchain and cryptographic technologies.

Background of this service

Crypto Garage has been providing blockchain-related payment services and associated products to Japanese and overseas professional cryptocurrency trading companies with “SETTLENET”(※2). In June 2021, it completed registration with the Kanto Finance Bureau as a cryptocurrency exchange operator based on the Payment Services Act, with the aim of providing brokerage services for transactions between Japanese cryptocurrency exchanges and overseas cryptocurrency trading companies(※3).
In April 2023, it launched a digital asset custody service “SETTLENET CUSTODY”(※4). In “SETTLENET CUSTODY,” Crypto Garage holds customers’ digital assets in an secure environment. Assets are segregated for each customer and backed by world class, battle-tested and peer-reviewed security.
Through “SETTLENET CUSTODY” service, Crypto Garage has decided to offer staking services as part of its expanded functionality to meet the needs of more clients.

Future roadmap

With the transition of ETH to PoS(*5) in 2022, staking is gaining popularity among investors as a feature for asset management using crypto assets. Crypto Garage plans to expand its staking service to other crypto assets using PoS in order to provide more revenue opportunities to its customers.

For more information about our ETH staking service and other offerings, please contact us here.

※1：Crypto Garage Launches the Commercial Service of “SETTLENET,” a Settlement Platform for the Crypto Asset OTC Market
https://cryptogarage.co.jp/en/news/20200609/

 ※2：Crypto Garage Launches SETTLENET Product to Boost Application Development for Blockchain Based Financial Institutions
https://cryptogarage.co.jp/en/news/20190121_01/

 ※3：Crypto Garage Completes Registration as a Crypto Asset Exchange Service Provider
https://cryptogarage.co.jp/en/news/20210629/

 ※4：Crypto Garage Launches New Custody and OTC Trading Services for Digital Assets
https://cryptogarage.co.jp/en/news/20230403/

※5: Abbreviation for Proof of Stake, a consensus algorithm adopted in cryptocurrency blockchains. Meaning “proof of stake,” this mechanism makes it easier for participants with larger holdings to validate transactions

About Crypto Garage

Crypto Garage, Inc. (HQ: Tokyo; President and CEO: Masahito Okuma) is a Fintech company developing blockchain financial services that Digital Garage, Inc. (TSE Prime section: 4819; HQ: Tokyo; Representative Director, President Executive Officer and Group CEO: Kaoru Hayashi) and The Tokyo Tanshi Co., Ltd. (HQ: Tokyo; President: Shoji Ushiro) co-founded.