Staked Joins With BlockTower Capital to Become a Loom Network PlasmaChain Validator

via Loom Network

Last month, Loom Network (LOOM), a blockchain ecosystem for games and social apps, announced last month that LOOM holders can now become delegators and stake their tokens on the PlasmaChain, a high-performance DPoS sidechain that acts as a bridge between multiple chains and Ethereum.

At launch, the Loom Network team revealed the early adopter validators, who run and maintain the server hardware that processes transactions, including Mythos, Bitfish, MW Partners, Chorus One, ShipChain and Block Matrix.

That list has grown a little bit longer this week, as Loom Network announced that Staked, a New York-based startup that helps institutional investors stake or lend their holdings in PoS cryptocurrencies, has partnered with BlockTower Capital to join the validator pool.

This is a notable addition, as Staked recently announced the closing of a $4.5 million seed round led by Pantera Capital. The startup provides the secure infrastructure required for staking and currently support six cryptocurrencies, Tezos (XTZ), Dash (DASH), Decred (DCR), Livepeer (LPT), Factom (FCT) and EOS (EOS).

Staked’s involvement in the Loom Network delegator pool is not particularly surprising, as the startup’s website lists LOOM (with a 15% yield) as a possible future addition to the service.

“Our goal in bootstrapping the network is bringing on board a diverse set of competent and reliable partners as validators, and we’re super excited to have Staked and Blocktower be a part of that,” James Duffy, the co-founder of Loom, told us in an email.

LOOM is currently up over 18% on the week to $0.066566, giving the token a $50.1 million market cap, making it the 74th largest constituent of AltDex 100 Index (ALT100).

Recent: Loom Network Adds Binance Coin Payments for PlasmaChain Apps

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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