Moonstake was purchased for an unknown amount in an all-stock deal by OIO Holdings, a provider of engineering and blockchain-related services.

Moonstake is Asia’s second-largest staking company, according to OIO, a Singapore Exchange-listed company, with staked assets over $900 million as of end-May. OIO will receive a commission of 0.5 percent of staking assets as a result of its 100 percent ownership of Moonstake.

“We have good visibility of revenue with the commission-based model,” said Rudy Lim, CEO of OIO’s blockchain business unit.

The firm noted that the shift toward proof-of-stake validation on blockchains like Bitcoin lessens environmental concerns over proof-of-work validation, also known as mining.

Later this year, Ethereum wants to switch to proof-of-stake validation.