Swiss Bank Sygnum Becomes First Bank to Offer ETH 2.0 Staking
2 min read
Sygnum bank has announced that it will become the first bank to offer ETH 2.0 staking to clients.
The announcement by the Swiss bank makes it the first bank in the world to allow clients to stake ETH.
Sygnum will allow clients to safely stake their ETH through the bank. By utilizing its institutional-grade banking platform which is currently generating a yield of up to seven percent per annum.
The new staking service with the world’s first digital asset bank will offer a fully integrated and user-friendly setup for clients who want to stake their ETH directly from their existing wallets. The staked ETH will remain in clients own wallets, ensuring complete segregation and security for individuals.
The introduction of ETH 2.0 staking to Sygnum is not the first crypto to be staked with the bank. Currently, Sygnum offers staking for Tezos (XTZ). The digital asset bank also currently offers a yield-generating fixed term deposit on its Digital Swiss Franc stablecoin (DCHF).
Thomas Eichenberger, Head of Business Units at Sygnum Bank commented on the latest news, “ETH is the second largest blockchain protocol, and ETH staking is a core element for digital asset portfolios which can now be accessed in a convenient, secure and regulated setting.” Eichenberger also stated that the ability to stake ETH with the bank will further expand the attractiveness of the bank’s current offerings.
ETH 2.0 staking increasing in popularity
The amount of ETH being staked on the ETH 2.0 platform continues to climb. Most recently the number hit 6.1 million ETH being staked, with over 185,000 validators. The amount of ETH being staked equates to over $14 billion in ETH.
Staking appears to be gaining popularity as another method to earn interest on crypto holdings. JPMorgan’s analysts recently stated that staking will gain traction as a source of revenue for both institutional and retail investors. The analysts expect staking revenue to increase four-fold by 2025.
Thomas Brunner, Head of Accounts and Custody at Sygnum Bank, concluded by saying, “Sygnum clients can participate in the new proof-of-stake ETH and benefit from potentially higher staking rewards now. This is a compelling choice for long-term investors in the ETH ecosystem.“
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