Coinbase Cloud joins the Kiln On-chain platform to offer staking for Coinbase Wallet and other self-custodial wallets

Coinbase Cloud joins the Kiln On-chain platform to offer staking for Coinbase Wallet and other self-custodial wallets

We are thrilled to announce that Coinbase Cloud has integrated Kiln's On-Chain platform into its product offering. Kiln On-Chain is a suite of smart contracts designed to connect integrators and operators, providing a customizable staking experience on the Ethereum network. This collaboration marks a significant milestone for Coinbase Cloud in streamlining and simplifying their Ethereum staking processes.

Kiln On-Chain’s fully smart-contract based approach ensures complete transparency throughout the staking process, aligning with the demand for openness and accountability in the staking industry.

Through this product, Coinbase Cloud can bring on-chain partial ETH staking capabilities to their clients, with limited engineering effort needed to integrate.
This integration will enable Coinbase Cloud to distribute its staking services to integrators such as its own Coinbase Wallet, and beyond to other self-custodial wallet providers in the ecosystem. 

Transparency plays a crucial role in Kiln's approach, which Coinbase Cloud recognizes for the value that it brings to the table. Kiln On-Chain ensures that all operations, including validator management, deposits, and commission dispatching are all carried out on-chain via smart contracts, leaving all activities transparent and auditable. Moreover, Kiln's smart contracts have been successfully audited by Spearbit, further bolstering their reliability and security.

"We are thrilled to join the Kiln On-chain platform as their first node operator. Leveraging Kiln’s smart contract expertise alongside Cloud’s node operator expertise allows us to offer a best-in-class staking solution for wallet integrators. My team and I were amazed by the ease of the onboarding process.”
— Nick Boccardi, Senior Product Manager at Coinbase Cloud

How does the Kiln On-Chain platform work for an operator?

The core of Kiln's On-Chain solution lies in collection of smart contracts that simplifies the management of white-labeled Ethereum validators, node operators, and end-user stakes. This suite offers a composable set of options when designing a white-labeled staking product:

  • Enabling users to stake any amount of ETH
  • Representing staked positions with or without a receipt token
  • Providing operators with access to real-time reporting data, granting valuable insights into their staking operations

There are 3 different steps for operators to complete in order to launch a staking offering in less than 3 weeks:

  • Step 1 - Onboarding phase: The onboarding process for operators like Coinbase Cloud is straightforward and can be completed within a week. It consists of deploying an operator contract. This contract allows them to register their available validators for funding.
  • Step 2 - Integration Phase: Integrators can integrate with the operator's applications by using Kiln's audited Integration Contracts. This allows integrators to compose their own staking offers tailored to their specific requirements.
  • Step 3 - Reward Phase: Once all the previous phases have been completed, everyone involved, including operators, integrators, and customers, can start earning rewards. Integrator commissions are computed on top of the operator's commission and distributed on-chain in the Integration Contract. Operator commissions are calculated based on staking rewards and distributed on-chain in the Applications Contracts.

Conclusion 

Coinbase Cloud's participation as an operator is a testimony to the significant value provided by Kiln's On-Chain platform. This collaboration not only benefits Coinbase Cloud but also highlights the extensive efforts made by Kiln's tech team in developing secure and audited smart contracts over the past two years. Together, this collaboration strengthens decentralization and fosters increased optionality for all staking integrators. We look forward to working with more operators and integrators in order to revolutionize the staking landscape.

About Coinbase Cloud

Coinbase Cloud offers Web3 APIs, services and blockchain infrastructure to make it easier for developers to build web3 solutions. Whether it’s payments, staking, or web3 onboarding, save time with our APIs, SDKs and infrastructure, and spend more time focusing on building seamless web3 experiences for your users.

About Coinbase Wallet

Coinbase Wallet is a self-custody crypto wallet, putting you in control of your crypto, keys, and data. Coinbase Wallet supports hundreds of thousands of coins and a whole world of decentralized apps, allowing users to seamlessly access the world of web3. 

About Kiln

‍Kiln is the leading enterprise-grade staking platform, enabling institutional customers to stake assets, and to whitelabel staking functionality into their offering. Kiln runs validators on all major PoS blockchains, with over $2.2 billion crypto assets being programmatically staked and over 3% of the Ethereum network, running on a multi-cloud, multi-region infrastructure. Kiln also provides a validator-agnostic suite of products for fully automated deployment of validators, reporting and commission management, enabling custodians, wallets and exchanges to streamline staking operations across providers. Kiln is SOC2 Type 2 certified.

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