Singaporean Persistence, the multi-asset protocol focused on liquid staking, NFTs, and commodities, today announces that it has partnered with BridgeTower Capital, the global private equity firm focused on blockchain infrastructure and bridging digital assets to traditional institutional investors.
BridgeTower has become a leading institutional participant of Persistence’s new liquid staking product, pSTAKE. pSTAKE unlocks the true potential of Proof-of-Stake (PoS) tokens by unlocking the liquidity of staked assets–a market currently in excess of $100 billion.
Token holders of pSTAKE supported PoS networks can mint 1:1 pegged ERC-20 staked representative tokens for their native PoS assets. Subsequently, these assets can be utilized within the existing Ethereum DeFi ecosystem to generate additional yield. Since its launch in July, over $5M in total value has been locked on pSTAKE, with that figure continuing to accelerate at pace following the solution’s recent uncapped launch.
BridgeTower Capital in the last quarter has allocated over $200M to its staking infrastructure and will aggressively continue to build its services offerings and assets.
Tushar Aggarwal, CEO and Founder of Persistence commented, “I’m thrilled to see the extraordinary levels of engagement on pSTAKE since launching last month. There is now over $5M in total value locked on the protocol, and this continues to rapidly accelerate following the recent launch of the uncapped version of pSTAKE. Our partnership with BridgeTower Capital can help unlock the next exciting phase of growth for the platform and ensure that institutions, as well as the wider crypto community, can benefit from unlocking the liquidity of their staked assets.”
In addition to the pSTAKE integration, the partnership also includes the shared launch of validator nodes for multiple Proof-of-Stake networks. By combining expertise from their respective bases of Singapore and Switzerland, the firms hope to drive the adoption of staking and DeFi solutions globally.
“We have worked hard to create sustainable blockchain infrastructure serving institutional and regulated opportunities,” said BridgeTower Chief Executive Officer Cory Pugh. “We have services across several networks including Algorand, Solana, Polkadot, Avalanche, Akash, Terra and Persistence itself, and are preparing to launch Helium and Ethereum 2.0.”
pSTAKE is one of a range of DeFi products that form the Persistence ecosystem, including AUDIT.One, a staking-as-a-service solution for institutions, and Comdex, an agri-commodities decentralized exchange (DEX).
