Sygnum Now The First Bank Globally To Offer Eth2 Staking
Sygnum Bank, the crypto-focused Swiss Bank, has confirmed it is now the first bank in the entire world to let its clients stake Ether. Based on a July 6 blog post, the company’s clients can now stake Ethereum through...
Sygnum Bank, the crypto-focused Swiss Bank, has confirmed it is now the first bank in the entire world to let its clients stake Ether. Based on a July 6 blog post, the company’s clients can now stake Ethereum through Sygnum’s institutional banking platform to earn some yields of nearly 7% annually.
Today, Sygnum has described itself as the “world’s first digital asset bank,” having acquired a banking license in Switzerland and a capital market services license in Singapore in August and October of 2019 respectively.
The firm asserts:
“The vast majority of decentralized products and services run on Ethereum.”
It noted that the decentralized finance (DeFi) sector’s Total Value Locked (TVL) has grown by over three times since the start of 2021:
“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.”
Sygnum’s head of business units, Thomas Eichenberger, described Ethereum staking as “a core element for digital asset portfolios.” The bank insisted on the robust DeFi ecosystem being built on Ethereum. Sygnum also launched a staking service for Tezos (XTZ) in November last year and has provided a fixed-term deposit product for its Digital Swiss Franc stablecoin (DCHF) since March 2021.
The bank now faces some growing competition from a majority of crypto-native staking providers together with centralized exchanges like Kraken and Coinbase. This digital asset bank is also seeking to support DeFi assets, launching regulated banking services for eight leading tokens like MKR, UNI, and CRV in June.
Based on Staking Rewards, Eth2 is now the second-biggest Proof-of-Stake (PoS) network by staked capitalization with $13.5 billion, despite just 5% of circulating Ether having been locked for staking currently.
Cardano (ADA) has the biggest staked capitalization with around $31.8 billion and 70.7% of supply currently locked.
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