Bitwise to acquire staking firm Chorus One, calling it an "attractive opportunity"

U.S. asset manager Bitwise is acquiring staking services provider Chorus One.

According to Bloomberg on the 3rd (local time), Bitwise announced the acquisition of Chorus One that day. The purchase price was not disclosed.

Chorus provides staking services exclusively for institutions. About $2.2 billion in assets are currently staked. Staking is a system in which cryptocurrency investors deposit tokens into a blockchain network, contribute to transaction validation and improved network security, and receive rewards.

Hunter Horsley, CEO of Bitwise, said, "For the thousands of clients who hold spot crypto assets, staking is one of the most attractive opportunities." Brian Fabian Crain, CEO of Chorus One, said, "Staking is most effective when integrated into a larger platform," adding, "An inevitable phase of consolidation has arrived across a significant part of the crypto industry."