Coinbase continues building even with market pullback.

Cryptocurrency exchange Coinbase specifically the “cloud division” is working with the Web3 company Figment to accomplish enterprise level staking abilities for there clients.

Figment has already been valued at $1.4 billion after a Series C funding round as well. They have experience building different APIs for staking with there products, helping to connect different coins to a wide variety of clients.

The software development itself will also be built by the company Alluvial and will be governed by a decentralized autonomous organization (DAO) which shows the progress for the ability for blockchain to manage decisions. An important part of the protocol is everyone will be required to enable embedded KYC and AML checks to have access to any features with staking etc.

The non-custodial protocol will allow users to stake their tokens and receive receipt tokens that prove ownership of the staked tokens. They can then use those receipt tokens to take advantage of other features that will be offered.

Also using the cloud as the access points will give the ability to have anyone become a validator no matter where they are located in the world, further rewarding anyone for just holding any tokens using there product. Services like these will help to bring the ideas of passive income mainstream to people who normally would not be comfortable using other protocols for staking.