(MENAFN- GlobeNewsWire - Nasdaq) NASSAU, Bahamas, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Delchain is pleased to announce its partnership with Lena Instruments , a Swiss leading blockchain infrastructure and software provider, to expand its institutional-grade Voting Delegation and Staking Offering.
Through this partnership, Delchain's Songbird ($$SGB) and Spark ($$FLR) clients will be able to delegate their votes to Lena, which will act as a signal provider for the Flare Time Series Oracle (FTSO). Lena's proprietary algorithms will work 24/7 to provide the highest level of price accuracy to the FTSO, making sure Delchain clients always receive the best possible return. Clients will not have to remove tokens outside of the insured cold custody of Delchain, so there is no fear of token loss.
Close to 65% of the value of assets in the blockchain industry are unable to access smart contracts in a trustless manner. Many also lack the ability to offer meaningful yield due to a lack of decentralized liquidity and lending. Flare Network is the first of its kind that unleashes value by enabling highly scalable Turing complete smart contracts on blockchains with significant pools of capital. The FTSO is an on-chain mechanism that provides time series estimates to the network. It allows signal providers to earn a yield in Spark ($$FLR) tokens for providing accurate data. It works in conjunction with other systems on Flare to provide significant incentives for user participation on the network.
Songbird, Flare's "Canary network," will be used to robustly test Flare's systems prior to the launch of Flare. It will remain the long-term Canary network for governance changes once the Flare network is launched. Songbird is now live, with the FTSO system deployed. The rest of Flare's systems will be deployed soon.
"At Delchain, we pride ourselves in finding the best solutions for clients with our unique product offering of cold-storage custody, staking, and insurance," Bruno Macchialli , CEO of Delchain, said. "Delchain and Flare announced their partnership back on April 28, 2021. We are pleased to partner with Lena Instruments, which will now bring its expertise and production quality to the Flare ecosystem. This is an exciting time for Delchain as we create an unbeatable value proposition of solid returns and excellent service to our clients participating in the Flare and Songbird Networks."
"Being a major Flare and Songbird token-holder, we've decided to reaffirm our confidence in the Flare Foundation by launching the First Institutional-Grade Governance Delegation Service on both Songbird and Flare," said Mona Bürkle, Head of Business Development at Lena Instruments. "Clients of major reputable crypto institutions, such as Delchain, holding Spark ($FLR) and Songbird ($SGB) will now be able to delegate their votes to Lena and seamlessly earn passive income. We are proud to count Delchain among our partners."
The collaboration between Delchain and Lena Instruments is just at its beginning. The parties will work hand in hand to offer a variety of innovative and unique products to their customers, always keeping in mind seamless integration, security, and performance. Structures and strategies including assets running on the Flare Network are currently being discussed between both management teams.
About Delchain
Delchain is a full-service and licensed financial firm supporting a wide range of services that connect the world of blockchain and cryptocurrency to the regulated world of financial services. Delchain's services include multi-currency fiat banking, digital asset custody, capital markets, initial offering advisory, and staking. Delchain Limited (Delchain) is a licensed Financial Corporate Service Provider, regulated by the Securities Commission of The Bahamas.
About Lena Instruments
Lena Instruments is a Swiss leading IT company providing sophisticated blockchain infrastructure solutions and software at the institutional level. Lena grew up with the research of the Swiss Federal Institutes of Technology Lausanne and Zürich five years ago and has been constantly successfully delivering the demanding and highly regulated Swiss/European IT and banking industries since then.
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