Blockdaemon Expands into DeFi with Acquisition of Expand.network
Blockdaemon enhances its crypto infrastructure by acquiring expand.network to facilitate institutional access to decentralized finance.
Blockdaemon Expands into DeFi with Acquisition of Expand.network
Blockdaemon, a prominent player in crypto infrastructure, has acquired expand.network, which provides a singular API connection to the vast realm of decentralized finance (DeFi), facilitating seamless access for major financial institutions to engage in on-chain trading.
Key Insights:
- Blockdaemon, endorsed by financial heavyweights like Goldman Sachs, supports around 70% of the top 500 institutions involved in cryptocurrency.
- The specific acquisition price for expand.network remains undisclosed, however, Blockdaemon stated that the transaction was valued in the double-digit millions.
The firm offers API access to DeFi, connecting to over 170 endpoints, including decentralized exchanges (DEXs), bridges, lending protocols, and oracles.
As U.S. regulations clarify the crypto landscape, banks and large financial institutions are eyeing entry points into the on-chain finance sector.
Blockdaemon runs over 250,000 nodes across 40 data centers, overseeing staking rewards and has recently introduced cross-blockchain self-custody wallet offerings for institutional clients.
Konstantin Richter, founder and CEO of Blockdaemon, remarked:
“DeFi will make running financial infrastructure a lot cheaper for banks and institutions and it’s where a lot of institutional benefits will reside over time. It’s still very early and obviously there’s a lot that still needs to happen in terms of regulatory clarity, adoption, and decentralization. But the time is right to accelerate that particular vertical within our product suite.”
(Translation: DeFi will significantly reduce operational costs for financial entities and hold the potential for institutional advantages in the future.)
UPDATE (March 19, 13:10 UTC): changes from Expand to expand.network
