Sygnum Became World’s First to Allow Staking For Ethereum

By Chris Torres | July 7, 2021

Crypto-centric Swiss bank – Sygnum Bank – has reportedly disclosed details of its world’s first initiative to offer Ethereum staking to its customers. 

Specifically, customers of the bank will now reportedly have the power to carry out ETH staking, via Sygnum’s institutional banking platform, for a maximum of yields earning by 7 percent on an annual basis. 

Sygnum regarded itself as the “world’s first digital asset bank,” having successfully obtained a Switzerland-based banking license, as well as a capital markets services license in Singapore, in August and October 2 years ago, respectively. 

The entity reportedly claimed that almost all decentralized products and services are operating on Ethereum, taking into account that DeFi sector’s Total Value Locked (TVL) has witnessed a three-fold surge since the beginning of the year. 

“With Ethereum powering the exponential growth of decentralized finance (DeFi) applications, staking is a compelling choice for long-term Ethereum investors also seeking attractive yields.”

Thomas Eichenberger, Sygnum’s head of business units, reportedly viewed Ethereum staking as “a core element for digital asset portfolios.”

Sygnum initially rolled out a staking service dedicated to Tezos (XTZ) in November last year and has released a fixed-term deposit solution for its Digital Swiss Franc stable coin, DCHF, since March.

The bank is reportedly having numerous rivals, nominally crypto-native staking providers, and centralized exchanges, including top-tier U.S. giants Coinbase and Kraken.

The digital asset bank is additionally having plans down its pipeline to offer facilitating features for DeFi assets, rolling out regulated banking services for eight leading tokens including UNI, MKR, and CRV in June.

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