Staking pool protocol provider Moonstake has entered a partnership with Uzbekistan government-approved cryptocurrency exchange UzNEX. It is the latest blockchain-based agreement coming out of Eastern Europe, an area gaining a solid foothold in this new economy.
The new partners will work together on developing blockchain-focused community programs, and engage in research, training, events and conferences targeting the banking and finance industries. Moonstake and UzNEX will also provide consulting services to financial institutions throughout Southeast Asia and the Middle East.
Since launching in 2020, Moonstake has developed web and mobile wallets it says supports more than 2,000 cryptocurrencies. Its total staking assets have reached $1 billion and it supports the following staking coins: Cosmos, IRIS, Ontology, Harmony, Tezos, Cardano, Qtum, Polkadot, Quras, Centrality, Orbs, and IOST.
UzNEX officially debuted in March 2020. Its compliance strategy states it meets the recommendations of the Financial Actions Task Force. It works with Uzbek banks to meet such regulations as having real-name verified accounts.
Uzbekistan’s National Agency of Project Management officially allowed its citizens to trade cryptocurrencies as of April 30. UzNEX reopened after a pandemic-related shutdown June 1. That helped spur the deal with Moonstake, as they wished to offer users the staking service as a revenue source.
“Uzbekistan is a rapidly developing country when it comes to adoption of cryptocurrency and distributed ledger technology, with the government taking active part in the development as well as regulation of digital asset services,” Moonstake founder Mitsuru Tezuka said.
“Uzbekistan is now one of the youngest and fastest growing countries in the world, where major reforms in the field of the digital economy are being introduced,” its chairman Chang Yong Lee added. “This country has enormous potential, and may soon lead the global digital economy. We’re happy to partner with Moonstake, one of the top 10 largest staking providers globally, to accelerate the awareness and development of the digital economy, including cryptocurrency and staking, in Uzbekistan.”
In January Moonstake added staking services from Polkadot, a service connecting private and public blockchains as a way to improve scalability. In late May it expanded its reach by joining the PL^Gnet partner ecosystem.
UzNEX is operated by KOBEA Group, a firm focused on developing solutions for the digital economy including blockchain.