Swiss bank Sygnum became the first regulated bank to offer Ethereum 2.0 staking to its clients.
Sygnum Eth 2.0 staking participants, will be able to receive an annual income (APY) of 7%.
The Sygnum management announced that the bank clients can conveniently and safely stake Ethereum 2.0 and receive profitability of up to 7% per year. This feature is integrated with the Sygnum banking platform, so customers will be able to use their bank accounts for staking ETH.
With fully isolated wallets, ETH will be held in highly secure individual client accounts. Sygnum said it is ready to expand its range of regulated digital asset products and services.
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Staking ETH2 will open up additional opportunities for long-term investors as Ethereum is the foundation for the vast majority of decentralized finance applications. Data shows that the amount of funds locked in Ethereum 2.0 staking have already exceeded $13 billion.
Thomas Eichenberger, Head of Business Units at Sygnum Bank said:
“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.”
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Head of Accounts and Custody at Sygnum Bank, Thomas Brunner, Said:
“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.“
Sygnum launched staking, custody, trading and lending for Tezos (XTZ) last November.
Read:Â Galaxy Digital CEO, Mike Novogratz: Ethereum Can Become the Biggest Crypto
In addition, Sygnum provided an income opportunity using its Digital Swiss Franc (DCHF) stablecoin pegged to the Swiss franc. The stablecoin was introduced by the bank in March last year.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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