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BCH $636.06 (-2.0%)
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Sygnum Becomes the First Bank To Offer ETH2 Staking

Sygnum Becomes the First Bank To Offer ETH2 Staking
  • Sygnum announced that they will allow clients to stake Ether 2.
  • This crypto-focused bank becomes the first to offer ETH 2.0 staking in the world.
  • Sygnum is the “world’s first digital asset bank”.

Swiss bank Sygnum announced that they will allow clients to stake Ether. This crypto-focused bank becomes the first to offer ETH 2.0 staking in the world. More so, Sygnum, the “world’s first digital asset bank”, emphasized the robust DeFi ecosystem being built on Ethereum.

According to the bank’s official statement, their clients can now stake ETH and earn yields of up to seven percent annually. Apart from this, staking services are fully integrated into Sygnum’s banking platform with a simple, user-friendly setup.

Since staking involves the locking up of assets with a financial reward provided in exchange, this offers a digital asset alternative to clients. Given that in today’s low or negative interest rate environment, an alternative asset for yield generation is good.

Sygnum’s head of business units, Thomas Eichenberger, described Ethereum staking as “a core element for digital asset portfolios.” He also added,

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.

Of note, Sygnum already offers staking for Tezos and a yield-generating fixed-term deposit on its Digital Swiss Franc stablecoin (DCHF). Currently, the Swiss bank also plans to support DeFi assets.

Based on Staking Rewards, ETH2 is the second largest Proof-of-Stake network by staked capitalization with $13.5 billion. Meanwhile, Cardano (ADA) remains the largest staked capitalization with $31.8 billion and 70.7% supply currently locked.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.