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Finnish collaborated with Laboratory scales in order to offer institutional level custody support for SKALE, which is the native token used to power the SKALE network.
The SKALE network is an Ethereum-as-a-service platform that has been developed to support the “exponential” growth of the Ethereum (ETH) blockchain network and ecosystem. SKALE Network developers aim to “facilitate network traffic and significantly reduce transaction costs”. They say their efforts should help developers bring decentralized applications (dApps) to market that “meet the high demands of consumers”.
As stated in a statement shared with Crowdfund Insider:
“With a sophisticated and effective approach to Proof of Stake, which combines a pooled validation model with random note selection and frequent note rotation, the SKALE network ensures that it is scalable, secure and cost-effective. A testament to this is SKALE’s recent Phase 2 mainnet launch which went live with over $ 80 million in total locked-in value, resulting in one of the most distributed decentralization efforts at launching a blockchain network to date. “
The announcement also noted that Finoa will offer professional investors the opportunity to stake their allocations and “provide security to SKALE chains in a transparent, secure and protected manner directly from Finoa’s secure infrastructure.”
SKALE Labs CEO Jack O’Holleran said offering blockchain network participants an ecosystem of products suitable for every interaction is “incredibly” important to the SKALE community, which is why working in partnership with Finoa makes “a lot of sense.”
The release also mentioned that Finoa’s user-friendly digital asset custody solution will aim to offer SKL token investors a “safe” and “compliant” way to hold and manage their assets, while being able to access them easily. for use within the network.
Christopher May, co-founder and co-CEO of Finoa, commented:
“In partnership with Skale Labs, we are thrilled to add another promising project to our platform and allow investors to securely store and stake their SKALE tokens with us.”
May added that the high-performance architecture of the SKALE network aims to solve some of the network’s speed and congestion problems with the Ethereum blockchain. He also noted that it offers developers a number of tools to “power the next wave of innovative applications”.
Finoa is a regulated cryptocurrency custodian. The firm provides services to professional investors with Custody and Staking. The Finoa platform allows users to securely store and manage their digital assets. The company says its services are “highly intuitive” and offer a “unique” user experience, allowing for “seamless” access to the decentralized finance (DeFi) ecosystem.
Finoa claims to work with established venture capital firms, large corporations and financial institutions. Founded in Berlin in 2018, the company has received a “preliminary” license for custody of crypto-assets and is supervised by the German Federal Financial Supervisory Authority (BaFin).
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