Coinbase, Galaxy, Blockdaemon, and Figment Launch Node Operator Risk Standard for Ethereum

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

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Last updated:

August 26, 2024 22:00 EDT

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A coalition of crypto industry leaders, including Coinbase, Galaxy, Eigen Labs, Figment, and Blockdaemon, has officially launched the Node Operator Risk Standard (NORS) certification for Ethereum.

In a joint announcement, the firms said this new certification represents a step forward in operational security and risk management for Ethereum node operators, setting a benchmark within the ecosystem.

Other crypto firms backing the group include Alluvial, Chainproof, DV Labs, Nexus Mutual, and others. The NORS certification is a first-of-its-kind initiative and aims to bring institutional-grade trust to Ethereum staking.

By introducing a trusted, third-party-verified standard, NORS group said it aims to simplify the due diligence process for banks and large institutions looking to engage in Ethereum staking.

Previously, there was no standardized certification to verify that node operators met the rigorous requirements needed to mitigate the specific risks of operating Ethereum staking nodes.

Who Is the NORS Group Serving?

The group is aimed at institutions that rely on NORS certification to assess the security and operational resilience of Ethereum node operators, said the group in a press release.

Attestation reports, verified by qualified assessors from leading traditional accounting firms, will streamline diligence processes and provide transparency and trust in staking operations.

According to the group, the enterprise-grade certification aligns with the audit standards followed by SOC1 and AICPA, mirroring the rigour that traditional institutional certifications demand.

NORS Simplifies Due Diligence Process for Finance Firms

Blockdaemon CEO Konstantin Richter highlighted how NORS simplifies the due diligence process for financial institutions, positioning Ethereum staking as a reliable and viable option for institutional investors.

This sentiment was echoed by Ben Rodriguez of Coinbase, who emphasized that the certification facilitates proper due diligence for staking providers, reinforcing Ethereum’s growing status as a trusted asset class.