In a strategic move that marks its expansion beyond data analytics, Nansen has acquired the Singapore-based staking service provider StakeWithUs. This acquisition is a clear indicator of Nansen’s ambition to evolve from a blockchain analytics platform to a more comprehensive service provider in the cryptocurrency domain.
StakeWithUs is known for its robust staking services across multiple blockchains and is backed by SGInnovate, a Singapore government-owned firm that supports deep tech startups. With this acquisition, Nansen is set to offer non-custodial staking for over 20 assets, including prominent names like SOL, SUI, OSMO, and ATOM.
Staking is a fundamental concept in the world of cryptocurrencies that refers to the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Essentially, it involves locking cryptocurrencies to receive rewards.
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In many proof-of-stake (PoS) and its variants like delegated proof-of-stake (DPoS) or leased proof-of-stake (LPoS) blockchain networks, staking is a method of maintaining the integrity of the transactional history. Instead of relying on miners as in proof-of-work (PoW) systems, these networks depend on validators who are chosen based on the number of coins they hold and are willing to “stake” as collateral.
The move into staking services allows users to participate in the verification process of blockchain transactions by locking away their tokens, thereby contributing to the network’s security and, in return, earning rewards. This is a significant step for Nansen, as it not only diversifies its service offerings but also strengthens its support for the blockchain ecosystems it integrates with.
The CEO of Nansen, Alex Svanevik, has expressed that this new venture will enhance their platform’s capabilities, providing both retail and institutional investors with a more rounded experience. Moreover, Nansen’s role as one of the first validators on Berachain’s mainnet, a new layer 1 system compatible with the Ethereum Virtual Machine (EVM), underscores its commitment to supporting blockchain infrastructure.
Financial details of the acquisition have not been disclosed, but it is reported to be a seven-figure sum, reflecting the value and potential Nansen sees in StakeWithUs. This acquisition is a testament to the growing trend of consolidation in the crypto industry, where companies are looking to build ecosystems that can offer a range of services under one roof.
Here’s how Staking works:
By staking coins, you’re essentially vouching for the accuracy of new transactions. Validators are responsible for ensuring that no double-spending has occurred and that the transactions are true and valid. As a reward for their efforts and for locking up their funds, which helps secure the network, validators receive staking rewards. These rewards are typically a portion of the transaction fees or newly minted coins.
The staking process incentivizes the holders to maintain the network’s security through ownership. It also offers them a way to earn passive income on their holdings, depending on the network’s staking reward structure.
For users, staking can be a less resource-intensive alternative to mining. It doesn’t require expensive hardware and consumes far less power, making it a more environmentally friendly option. Moreover, it democratizes the process of participating in the blockchain’s consensus mechanism, as virtually anyone with a minimum-required balance of a specific cryptocurrency can become a validator or delegate their holdings to a validator.
As the crypto market continues to mature, such integrations are likely to become more common, with analytics firms like Nansen leading the way in providing a suite of services that cater to the evolving needs of crypto investors and users. The acquisition of StakeWithUs by Nansen is not just a business transaction; it’s a strategic alignment that could shape the future of staking services and blockchain analytics.
Rabby Wallet introduces “Gas Accounts” as Guild of Guardians Surpasses 1M Downloads
Meanwhile, in the ever-evolving world of cryptocurrency, user experience and convenience are paramount. Recognizing this, Rabby Wallet has introduced a groundbreaking feature known as “Gas Accounts,” which significantly simplifies the process of paying transaction fees. With this innovative service, users can now pay their transaction fees using USDC, a stablecoin pegged to the US dollar, offering a stable and predictable means of settling these costs.
The traditional method of paying gas fees required users to hold a balance of the native token of the blockchain on which they were transacting. This could lead to a cumbersome user experience, especially for those managing multiple wallets across various networks. Rabby Wallet’s Gas Accounts address this pain point by allowing users to deposit stablecoins like USDC into their wallets and use these funds to cover gas fees across any supported network.
This feature is a significant step forward in enhancing user accessibility in the digital asset space. By enabling payments in USDC, Rabby Wallet streamlines the transaction process, reducing the complexity and making it easier for users to manage their assets. It also reflects Rabby Wallet’s commitment to improving the overall user experience and fostering greater adoption of digital assets.
The Guild of Guardians Game, a large-scale 3D blockchain game on the Immutable X (IMX) platform, has achieved a remarkable milestone by surpassing one million downloads. This significant achievement reflects the growing interest and engagement in blockchain-based gaming, a sector that continues to innovate and expand its reach.
Guild of Guardians, developed by Immutable Games Studio, is a mobile RPG that combines the thrill of gaming with the benefits of blockchain technology. Players can build their dream team of Guardians to battle against the corrupting threat of the Dread while earning epic rewards. The game’s success is not only a testament to its engaging gameplay and rich narrative but also to the seamless integration of blockchain elements that enhance the player experience.
The game’s migration to Immutable zkEVM, powered by Polygon, marks a transformative leap forward, offering EVM compatibility, low cost, massive scale, and Ethereum security. This technological advancement allows for sophisticated in-game interactions and empowers community developers to contribute to the ecosystem.
The Guild of Guardians’ success story is further enriched by its vibrant community, which spans across various social platforms, including Twitter, Discord, TikTok, Reddit, and Medium. The community’s enthusiasm and support have been instrumental in the game’s rapid growth and popularity.
As the gaming industry continues to evolve, the success of Guild of Guardians on IMX showcases the potential of blockchain gaming to create immersive, interactive experiences that resonate with a global audience. With its innovative approach and strong community backing, Guild of Guardians is poised to remain at the forefront of the web3 gaming revolution. For more information on the game and its features, you can visit the official Guild of Guardians website.
The introduction of Gas Accounts by Rabby Wallet is more than just a convenience feature; it’s a reflection of the ongoing innovation within the cryptocurrency ecosystem. As the industry matures, we can expect to see more user-centric features that simplify the complexities of blockchain technology, making it more accessible to a broader audience. Rabby Wallet’s Gas Accounts could very well set a new standard for wallet services, prioritizing ease of use and flexibility for the end-user.