Swiss Bank Sygnum announced it is the first bank in the world to offer Ethereum 2.0 staking to clients.
Swiss Bank Sygnum announced that it will allow customers to stake Ethereum safely. They can use its institutional-grade banking platform to generate a yield of up to 7% per annum currently.
The new staking service with “world’s first digital asset bank” offers a fully integrated, simple, user-friendly setup. With Institutional –grade custody and fully segregated wallets, the staked Ethereum are held in the customer’s account with the highest security.
Staking is the process of locking assets to participate in the transaction validation process on a proof-of-stake (PoS) blockchain. In exchange, it provides financial reward. The bank already offers staking for Tezos and a yield generating fixed-term deposit on its Digital Swiss Franc Stablecoin (DCHF).
Thomas Eichenberger, Head of Business Unit at Sygnum Bank, commented,
“Ethereum is the second-largest blockchain protocol, and Ethereum staking is a core element for digital asset portfolios, which can now be accessed in a convenient, secure, and regulated setting. This further expands Sygnum’s offering of attractive, regulated yield generating products to meet the needs of clients to accumulate other forms of return in addition to capital appreciation.”
Adoption of Ethereum
Massive decentralized finance (DeFi) products and services run on Ethereum. The DeFi space is growing exponentially. Total Value Locked in DeFi has grown more than three times since the start of this year.
Ethereum 2.0 adoption is also increasing significantly. It has a lower environmental impact, scalability, and security. Staking was part of the first phase of the Ethereum 2.0 launch. It started in December 2020 on the Beacon chain.
Thomas Brunner, ended by saying, “Sygnum clients can participate in the new proof-of-stake Ethereum and benefit from potentially higher staking rewards now. This is a compelling choice for long-term investors in the Ethereum ecosystem.”