A senior executive of blockchain company Blockdaemon said that as Hong Kong strives to develop into a cryptocurrency center, Hong Kong authorities may approve "the introduction of staking functions for Ethereum spot ETFs" this year.
Blockdaemon Asia Pacific Sales General Manager and Vice President Andrew Vranjes said in an interview with the foreign media "The Block" at the "Token2049" conference in Singapore that his team is working closely with Hong Kong's cryptocurrency ETF issuers and discussing with local regulators Feasible staking solution.
Andrew Vranjes noted that the team is currently making progress in advancing this work, and that Hong Kong authorities may approve the staking function “within specific frameworks and boundaries.” He added:
We can observe the development trend of the market and perhaps only open this option to certified professional investors initially, and then gradually expand it. We are optimistic about the current progress of discussions.
He revealed that the Blockdaemon team is having "very in-depth discussions" with customers and regulatory agencies, and "has exchanged multiple documents back and forth." The progress is detailed and rigorous, and relevant information is expected to be officially announced in the short term.
Although Hong Kong was one step ahead in approving Ethereum spot ETFs, its halo has long been taken away by similar products from the United States that came from behind. Many people in the industry believe that if the staking function can be introduced, it will definitely improve the competitive advantage of Ethereum spot ETFs.
Compared with the U.S. market, the gold-absorbing power of Hong Kong cryptocurrency spot ETFs is significantly weaker. According to Soso Value data, the total trading volume of the three Ethereum spot ETFs in Hong Kong was US$390,000 on Monday, and there was no capital inflow on that day; while the trading volume of the nine Ethereum spot ETFs in the United States on the same day reached US$129 million. , and recorded a net inflow of US$9.5 million.
On the other hand, Blockdaemon founder Konstantin Richter also revealed to Bloomberg that the company may seek an initial public offering (IPO) in 2026.
According to reports, Blockdaemon was founded in 2017. Its main business is to provide pledge and node infrastructure for more than 400 institutional customers. In 2022, it completed a $207 million Series C financing with a valuation of $3.25 billion. In addition, Blockdaemon’s investor lineup also includes Goldman Sachs, JPMorgan Chase and Citi Ventures.
〈Ethereum spot ETF introduces “pledge function”? The industry expects: The Hong Kong authorities will “approval this year.” This article was first published on Blockchain.
