Nansen just made a big move by acquiring StakeWithUs. This marks their first step into token staking, moving beyond just providing data for cryptocurrency traders.

The purchase price? It was over $1 million. StakeWithUs is backed by the Singapore government’s SGinnovate program, which adds a layer of credibility to the acquisition.

Staking has become a major liquidity sink for ETH. Nansen, which provides data for Coinbase Institutional Blockchain, is looking to expand its offerings. CEO Alex Svanevik wants to bring investment services to both institutions and retail traders.

StakeWithUs offers staking across multiple blockchains. After this integration, Nansen will provide non-custodial staking for more than 20 assets, including SOL, SUI, OSMO, and ATOM. This was highlighted in an announcement sent out on Tuesday.

So, what is staking? It’s a method used by blockchains to choose honest participants and verify new blocks of data. Stakers lock their tokens, help with the verification process, and earn more tokens as rewards.

“By enabling staking within Nansen, we’re not just expanding our services. We’re also strengthening our support for the blockchain ecosystems we work with,” Svanevik stated.

Based in Singapore, Nansen plans to add new blockchains to its platform. One of these is Berachain, a new layer 1 system that works with the Ethereum Virtual Machine (EVM). Nansen will be one of the first validators on Berachain’s mainnet. This is a significant step for the company as it starts supporting a blockchain by validating transactions.