Swiss Crypto Bank Announces Tezos Staking With an Annual Reward of Up to 5%

Sygnum, a regulated cryptocurrency bank based in Switzerland, has announced the launch of a staking service for XTZ the native digital token of the Tezos blockchain. Users will also be offered annual rewards on Tezos staking.  As per the official press announcement of Sygnum, the bank will offer an annual reward of up to 5 percent for staking XTZ. Trading and custodial services will also be available for users.

With this, Sygnum says it has become the first regulated cryptocurrency bank to support staking for Tezos (XTZ). It is the first time that users will be able to stake and deposit XTZ with a licensed crypto bank. Users can take a part in the Tezos network to stake XTZ tokens over there and then they can earn a reward of up to five percent annually.

Users will be staking their tokens directly with the bank. They are allowed to exit their staking at any time as the bank has not specified any proper withdrawal period. “Clients can access transaction and independently-confirmed tax reports available on-demand via e-banking,” the bank said in the press release.

David Fuchs, the Head of Enterprise Adoption EMEA at Tezos Foundation, said that the staking support offered by the Sygnum bank validates the longevity and security of the network. And it is a major step towards gaining enterprise as well as institutional adoption, he added. Furthermore, he said that they intend to make more partnerships with Sygnum in the future regarding Tezos-related offerings.

The Chief Clients Officer of Sygnum Bank Martin Burgherr said that they strongly support Liquid Proof-of-Stake which is the unique governance mechanism of the Tezos blockchain. He added, “With XTZ staking, our clients can access a unique asset which offers staking rewards and enables them to structure their digital asset portfolios in more creative ways. Tezos is the first Proof-of-Stake (PoS) token on Sygnum Bank’s platform, where we are continually expanding our offering to provide more choice for our clients.”

As the bank has also added trading support for XTZ, users will be able to purchase and trade their XTZ tokens in a secure way by using fiat currencies such as US Dollar (USD), Euro (EUR), Swiss Franc (CHF), and Singaporean Dollar (SGD).