Bifrost and Coinbase Cloud enter into a strategic collaboration.
On September 6, Bifrost announced a long-term strategic cooperation with Coinbase Cloud, a decentralized infrastructure provider. Coinbase Cloud will support us to achieve our goal in being an important cross chain liquid staking protocol through its high-quality infrastructure and deep ecosystem expertise.
Bifrost’s goal is to provide liquidity for staked assets through the issuance of derivative assets. To achieve this goal, high-quality validators are crucial for helping to expand the protocol and ensure that users who have staked tokens continue to receive rewards. While bringing more participating users, we created a trusted staked DeFi community network.
This long-term strategic cooperation aims to provide value to the communities of both sides through the consistency between Coinbase Cloud and Bifrost. Coinbase Cloud will provide high return and stable Kusama authentication nodes to support liquid KSM - vKSM. Bifrost will also help the Kusama node of Coinbase Cloud run centrally in Bifrost’s active verification node.
As a parachain of Kusama and Polkadot, Bifrost will continue to launch innovative staking derivatives, providing effective liquidity solutions and cross chain liquidity staking services for multiple chains, using the cross consensus information format XCM.
About Coinbase Cloud
Coinbase Cloud provides Web3 APIs, services and blockchain infrastructure to provide power for the next generation of software builders. Coinbase Cloud’s solutions cover a wide range of key encryption functions, including data access, pledge, payment, transaction and exchange, identity, etc.
Click the link to learn more about using coinbase cloud https://www.coinbase.com/cloud/cloud-interest
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging on the cross-consensus message (XCM) it can provide cross-chain liquid staking services for multiple chains.
Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot. Furthermore, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, our protocol lowers users’ staking threshold, increases multi-chain staking ratio, and improves the ecosystems application interest base, by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.
Bifrost has raised over USD 2M from top-tier venture capital firms by the likes of NGC, SNZ, DFG, CMS and other institutions. In addition to being an early receiver of a Web3 Foundation Grant, Bifrost is also a member of the Substrate Builders Program and the Web3 Bootcamp.