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Sygnum, A Swiss Bank become first bank to offer Ethereum 2.0 Staking to Clients

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Sygnum, A Swiss Bank Announced it will become first bank to offer Ethereum 2.0 Staking to Clients

Switzerland based Bank Sygnum has announced it will become the first bank in the world to offer ethereum 2.0 staking to its clients.

Clients of the bank will safely stake their ethereum using the bank’s institutional grade banking platform which is currently generating a 7% yield per annum.

Sygnum’s clients will be able to stake from their existing wallets to earn the 7% per annum reward. According to the Bank, the staking service is fully integrated with its banking platform and has a simple, user-friendly setup. The staked funds are held individually in each client’s account.

Ethereum has been working to improve its technology allowing increasing activities on its network at a far less cost. This requires a migration from its current consensus protocol Proof of Work (POW) to Proof of Stake (POS) which will allow Ethereum to process transaction faster and cheaper. The migration from POS has been in the works for the years past and is getting implemented in phases. It is expected to be completed in coming months.

Related article: The Crypto Community Welcomes the Release of Ethereum 2.0

In the Proof of Stake Ethereum, validators (miners) will stake their Ether to participate in the block validation process and earn a reward for their service.

Ethereum Staking is a core element for digital asset portfolios – Sgynum

The Head of Business Units at Sygnum, Thomas Eichenberger 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”.

He went further saying

“This further expands Sgynum’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.”

Also read: Binance.US hires Former Regulator, Manuel Alvarez to Oversee Risk, Compliance & Legal functions

Ethereum is a cradle of innovation in the blockchain industry.

It is no doubt Ethereum has been a cradle of innovation in the cryptocurrency space. By becoming the platform that initiated the ICO wave which saw the come-to market of hundreds to thousands of blockchain startups some of which didn’t survive the 2018 bear market, to being the bedrock for the development and growth of Decentralized Finance (DeFi) and Non Fungible Tokens (NFT). Ethereum is the foundation for the success of several crypto startups in the market.

While Ethereum has suffered due to its technological limitations, it continues to move on and it is expected the migration to POS will dramatically transform the local economy of the maiden smart contract platform and also with the implementation of EIP 1559.

Read also: Ethereum Fee Ajustment Proposal EIP 1559 Launches on Ropsten Testnet

Sygnum’s Ethereum Staking Product is a Compelling Choice for Long term Investors

Thomas Brunner, Synum’s Head of Accounts and Custody believes the service is a compelling choice in the Ethereum ecosystem for long term investors;

he said “Sygnum clients can participate in the new proof-of-stake Ethereum and benefit from potentially higher staking rewards now.”

In total, according onchain data, total amount staked on Ethereum 2.0 has reached a high of $14 billion with a total of over 6.2 million Ether.

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