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Former Fidelity, BNY Mellon Executive Stern Dives into Solana's Marinade Staking Protocol
Reinout te Brake | 12 Sep 2024 07:14 UTC
Marinade, Solana’s first liquid and native staking protocol, has made a major move by appointing Hadley Stern as its Chief Commercial Officer. Stern, who previously held key positions at BNY Mellon and Fidelity Digital Asset Services, brings a wealth of experience in the digital asset management field.
In 2014, Stern spearheaded the launch of the bitcoin Incubator at Fidelity Investments, leading to significant developments such as a bitcoin mining operation, bitcoin donations to Fidelity Charitable, and the establishment of Fidelity Digital Asset Services.
According to a press release, Stern will play a key role in enhancing Marinade's position as a leading Solanastaking solution. Michael Repetny, Marinade Labs CEO, emphasized Stern's expertise in digital asset management and praised his unique insights.
Strengthening Institutional staking with Stern’s Expertise
Stern's appointment is seen as a milestone for Marinade and the Solana community, with expectations of offering enhanced rewards, decentralization, and a robust security model. He is expected to play a crucial role in attracting institutional investors to the protocol.
To establish decentralized finance (DeFi) as the standard for financial services, Marinade believes that projects must appeal to both retail and institutional investors. Stern’s background in digital asset custody and traditional finance is seen as a valuable asset in achieving institutional adoption for blockchain technology.
Marinade's staking marketplace model, especially with the introduction of Marinade Native, aims to provide a comprehensive solution for validators, the Solana blockchain, and institutional players. The goal is to set a standard for how DeFi can revolutionize the financial services industry.
Collaboration for Institutional-Grade Security
In addition to Stern's appointment, Marinade has announced partnerships with leading custody firms Copper and Zodia Custody to ensure institutional-grade security and regulatory compliance. These collaborations are expected to enhance Solana's adoption, stability, and overall network security.
These partnerships, along with Marinade's innovative solutions like Protected stakingrewards and the Stake Auction Marketplace, have contributed to Marinade's strong position in the staking market. Currently, Marinade ranks third in total value locked (TVL) on the Solana blockchain, with nearly $1 billion locked in its protocol, according to DeFiLlama.
Marinade's strategic partnerships and innovative solutions have positioned it as a key player in the staking market, attracting both retail and institutional investors. With a focus on security, decentralization, and user rewards, Marinade aims to set the standard for staking protocols in the evolving DeFi landscape.