Saturday, December 3, 2022
HomeCrypto NewsMarketSwiss Bank Sygnum Becomes First Regulated Bank To Offer ETH 2.0 Staking

Swiss Bank Sygnum Becomes First Regulated Bank To Offer ETH 2.0 Staking

- Advertisement -
Follow-Us-On-Google-News

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.

Read: Goldman Sachs Report: Ethereum Has the Potential To Surpass Bitcoin As A Store Of Value

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.

stromgain

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.”

Read: Less Risk Of Major Sell off As Ethereum Balances See Big Drop On Exchanges

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.

ReadGalaxy 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.

- Advertisement -
Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.