Coinbase Custody, a custodial service backed by the largest crypto exchange in US, and Bison Trails, a blockchain infrastructure company, join the Proof-of-Stake Alliance (POSA) in a bid to advocate for the development of Proof of Stake systems across the blockchain field and further work towards the goals set by the Alliance.
The two blockchain firms join a number of companies including Tezos, Web3 Foundation, and Interchain Foundation in POSA to enhance their efforts in educating regulators and policymakers.
Coinbase Custody and Bison Trails join POSA
In a press release to Bitcoin Exchange Guide, Coinbase Custody and Bison Trails announced they will be joining the POS Alliance. Proof of Stake (PoS) is a consensus mechanism on the blockchain that is increasingly taking root from the legacy proof of work (PoW) systems, with the Coinbase Custody Chief looking forward to working on development and regulation spaces after joining POSA.
The Alliance currently has over 18 organizations from various walks in the crypto industry including academics, custodians, exchanges, protocol networks, and other service providers. Some of the members of POSA include staking service, Tezos Foundation, Web3 Foundation, and Interchain. The Alliance is committed to the mission of,
“advancing public policy discussions through congressional and regulatory engagement, member events, and educational campaigns”.
On joining the Alliance, Sam Mcinvale, CEO of Coinbase Custody, said,
“POSA is playing a critical role by engaging with lawmakers and regulators to educate them on emerging POS technology. It's our hope that through the work of organizations like POSA, we'll start to see meaningful conversations and, in time, clarity when it comes to POS and its applications.”
Co-founder and CEO of Bison Trails, Joe Lallouz, is very welcoming of the joining of POSA with the blockchain infrastructure company, setting sights on better legal and regulatory efforts and the overall staking regulations promoted by POSA. He said,
“Joining POSA reflects our commitment to working with partners across the industry to further the adoption of Proof of Stake blockchain technology.”
Coinbase Custody is the largest baker on the Tezos blockchain heavily relying on staking mechanisms to offer international retail and institutional-grade users a baking platform. Gaining entry to POSA opens a new gateway for the company, and the Galaxy Digital backed and Libra Association member, Bison Trails, to improve the overall state of staking regulations in the United States and internationally.