We are thrilled to partner with Firi, the largest crypto exchange in the Nordics already chosen by 170,000 people to buy and sell cryptocurrencies. Starting with Ethereum, Firi users can now participate in the security of Proof-of-stake blockchains and earn rewards while doing so.
The staking opportunity
In a Proof-of-Stake blockchain like Ethereum, staking consists of locking native tokens to earn the right to help secure the chain via a validator. Validators review transactions on the blockchain, and bundle transactions to propose new blocks. Through this activity, validators earn rewards for the stakers who committed part of their collateral.
It is often cited as the most natural yield in crypto, as the value originates from the blockchain native currency’s inflation and a share of transaction fees, and there is significantly less counterparty risk as there is in lending.
Ethereum is the largest PoS blockchain by market cap and developer activity. However, only about 14.79%* of the ETH supply is currently staked, in contrast with 50-80% staking ratios on other PoS blockchains. This shows it’s only just the beginning for Ethereum staking.
Why did Firi choose Kiln as its staking provider?
Staking was a must-have feature for Firi to accelerate their user acquisition and to reduce churn in the competitive exchange market. Due to the growing demand for staking, the product team of Firi was looking for a solution that was simple and quick to implement while guaranteeing the highest levels of security:
Security: as a non-custodial platform, Kiln does not have your withdrawal keys. Customers retain control of their funds and are the only ones who can receive unstaked funds. To prevent slashing, Kiln experts also defined and implemented multiple layers of anti-slashing protection endorsed by the Ethereum Foundation. Slashing coverage is available in partnership with Nexus Mutual.
Simplicity: No need to navigate in different places. Firi only needs a 1-staking API to integrate staking and manage the rewards data thanks to Kiln Connect.
“We’re thrilled to have Kiln as our staking partner. Now our users can maximize ETH staking rewards and benefit from the highest protection standards. Our tech team was impressed with the ease of use of Kiln Connect, their SDK which enables rewards data visualization in a few clicks and that saves us time and resources while guaranteeing the best proposal to our end users.”
– Cate Auestad, CTO at Firi
“We’re very happy to get Firi onboard, the largest and fastest growing crypto exchange in the Nordics. Firi’s focus on simplicity fits well into Kiln’s mission of making enterprise-grade staking seamless and secure for everyone.”
– Laszlo Szabo, CEO at Kiln
Firi is the leading crypto exchange in the Nordics, currently operating in Norway and Denmark. The company was established in 2017 and is preferred by its customers due to the easy interface, local touch and industry-leading security standards.