Today, we are excited to announce that we will acquire and continue operating Cryptium Labs validator nodes on Tezos, Near, Polkadot, and Kusama following their announcement to terminate their services to focus on other ventures.
This first of its kind acquisition will enable Cryptium’s delegators staking over $125M worth of assets to continue earning rewards through a professional (and likewise Swiss-based) staking provider.
“Cryptium Labs has been one of the pioneers of Proof-of-Stake. They were among the first professional validators and contributors to protocol development, especially on Tezos. It’s an honor for us to continue operating their nodes and ensure a continuous high-quality service for their customers. We have no doubts that the Cryptium Labs team will go on to do great work through their new venture and make major contributions to the crypto industry.”
Brian Fabian Crain, CEO and Co-Founder of Chorus One
“Looking back it has been a wild journey and while it’s sad to leave the validation game, the team is incredibly excited to share with the world what we have been working on. We started Cryptium Labs as one of the first Proof-of-Stake validation companies in the world with the simple premise to provide secure and available validation from the Swiss Alps. Chorus One has been there with us since the beginning and has been incredibly innovative in the PoS space. I am excited that they will continue providing high-quality validation services to all the original Cryptium Labs delegators.“
Adrian Brink, Managing Director & Co-Founder of Cryptium Labs
What This Means for Cryptium Labs Delegators
If you have been delegating to Cryptium Labs on Near, Polkadot, Tezos, or Kusama, you do not need to take any action. You should be aware that there will be a migration from Cryptium Labs’ to Chorus One’s infrastructure within the coming weeks. We will maintain the former Cryptium Labs validators with the same care we operate our existing validator nodes and will relocate all server infrastructure and migrate cryptographic material to our platform.
As a result of the acquisition, the display name, commission rates, and other metadata related to the respective validators will be adjusted. Validators will be Chorus One branded and, on networks we are already active on, commission rates will be brought in line with our existing nodes to remain consistent. On Tezos, where we do not operate a baker as of now, we will maintain the commission rate Cryptium established.
Becoming a Part of the Tezos Ecosystem
This acquisition serves as our entry into the Tezos ecosystem. Our initial focus on Cosmos and Tendermint resulted in us never launching a Tezos baker. With the acquisition of the Cryptium Labs baker, we are finally becoming a part of this long-standing and established Proof-of-Stake network and its community. We are thrilled to expand our portfolio of networks to Tezos and are hopeful to maintain and even improve upon the secure and stable operation Cryptium set up.
The Way Forward for the Cryptium Labs Team
While Cryptium Labs is dissolving, its former team centered around Adrian Brink, Awa Sun Yin, and Christopher Goes will work on bringing financial privacy and sovereignty to everyone. Stay tuned for future announcements!
The Chorus One team wishes them the best of luck for their future endeavours; we are thankful for their contributions to the staking ecosystem and grateful to be able to continue their legacy!
Finally, we would like to welcome all former Cryptium Labs delegators into our community. Please don’t hesitate to reach out through our channels linked below if you have any questions or want to learn more.
About Chorus One
Chorus One is offering staking services and building protocols and tools to advance the Proof-of-Stake ecosystem.
Originally published at https://blog.chorus.one on March 1, 2021.