Coinbase and crypto staking firm Figment are supporting the development of a new liquid staking protocol aimed at institutional investors.
Coinbase Cloud and Figment will serve as validators on the new Alluvial protocol, according to separate statements from Alluvial and Coinbase shared with The Block on Tuesday.
Alluvial is being developed by a team led by three founders: Matt Leisinger, former head of liquid staking products at Figment; Nicolas Maurice, the former CTO of staking platform Kiln; and Mike Taormina, former head of institutional business at the Index Cooperative DAO.
The startup’s pitch is that current liquid staking protocols do not cater to the needs of institutional investors. „What the space needs is an opportunity for enterprises and institutions to leverage composable liquidity while remaining aligned with their compliance requirements,” Leisinger told The Block.
„By working with trusted integrators who understand compliance and execute KYC / AML checks, Allu
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