Swiss-based digital asset bank, Sygnum launches staking service for Tezos (XTZ) rewards, making it one of the first regulated banks in the world to do so. The bank currently offers crypto services such as custody, trading, credit as well as the recent staking service for XTZ. Tezos is a blockchain network backed by a community of more than 1,300 validators, developers, and researchers globally.
Earning 5% Annually for Staking XTZ
Sygnum clients can now earn up to 5% annually by buying the XTZ token through fiat currencies and then staking it to earn passive income.
The bank added in its statement that there are currently no requirements related to the minimum withdrawal period as clients can exit staking positions at any time. However, it remains uncertain whether the bank would charge any commission for the staking service.
Sygnum Bank’s Chief Clients Officer, Martin Burgherr, adds:
“We are strong supporters of Tezos and its unique Liquid Proof-of-Stake governance mechanism, which aligns with our Sygnum values. With XTZ staking, our clients can access a unique asset that 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.”
Further Plans to Add More Tokens
Sygnum is said to conduct due diligence on the selected group of Tezos validators to help “ensure the reliability” before the validators are offered on the Sygnum platform. The bank has further plans to add more tokens on its staking platform in the future.
David Fuchs, Tezos Foundation Head of Enterprise Adoption EMEA, said:
“Sygnum’s offering of Tezos staking services serves as validation of the network’s security and longevity and is yet another step on the path towards major institutional and enterprise adoption. We look forward to partnering with Sygnum on more Tezos-based offerings in the future.”
