Switzerland’s Sygnum Bank announced that its customers can use their banking platform on an institutional level to stake ETH for Ethereum 2.0 from existing wallets.
The bank announced that it intends to become the first banking institution to provide collateral for Ethereum 2.0. Its customers can earn up to 7% per year (according to current estimates).
The Switzerland and Singapore-based bank announced that the staking service has been fully integrated into their platform, underscoring the higher level of security.
Sygnum Bank also stated that Ethereum is a rapidly growing network, so staking services is an attractive option for long-term investors looking to make a profit. Thomas Eichenberger, Sygnum’s Head of Business Units, commented on the move:
“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”
About Sygnum Bank
Sygnum Bank is the world’s first digital asset bank with origins in the financial centers of Switzerland and Singapore. The bank offers seamlessly integrated global digital asset banking services. Institutions authorized by Sygnum Bank and private qualified investors, companies, banks and other financial institutions invest in the emerging digital asset economy in a completely trustworthy manner.
Staking is the process of actively participating in transaction verification on the Proof of Stake (PoS) blockchain. Anyone with a minimum balance for a certain cryptocurrency can verify transactions and earn rewards on these blockchains. In addition to Ethereum 2.0, the Sygnum Bank also provides collateral for Tezos and time deposits that generate income for your digital Swiss franc stablecoin (DCHF).