Sygnum Bank launches ETH 2.0 staking

Switzerland-based bank Sygnum announced on Tuesday that the company is now allowing Ethereum 2.0 staking. The customers of the company approved by FINMA can access the Ethereum-based staking services via the Sygnum banking platform.

Sygnum’s banking platform offers Ethereum 2.0 staking

Last November, Sygnum Bank AG announced that it had a partnership with the Taurus Group, a company that also works with SEBA-Bank and other Swiss fintech service providers. The financial services company also stated at the time that Sygnum would offer its customers crypto staking accounts.

The partnership with Taurus also revealed that the available staking accounts would leverage the Tezos network, a proof-of-stake (PoS) blockchain. Now Sygnum enables its customers to invest in Ethereum (ETH) via the fintech company’s banking platform. Sygnum sees itself as the first bank approved by FINMA to join the ETH 2.0 staking space.

“Ethereum is the second largest blockchain protocol, and Ethereum staking is a core element for digital asset portfolios that can now be accessed conveniently, securely and in a regulated manner,” said the head of the Sygnum Bank business units, Thomas Eichenberger, in a statement.

“This further expands Sygnum’s range of attractive, regulated return products to meet customer needs and generate other forms of return in addition to capital appreciation,” added Eichenberger.

JPMorgan estimates that crypto staking could be a $ 40 billion industry by 2025

Sygnum Bank’s ETH 2.0 staking offer follows the investor note from banking giant JPMorgan last week. JPMorgan discussed the staking shift from Ethereum 2.0 and estimated that cryptocurrency staking could be a $ 40 billion industry by 2025.

Sygnum’s Head of Accounts and Custody details in the bank’s recent announcement that “staking is a compelling choice for long-term investors in Ethereum.” Thomas Brunner, head of accounts and custody for the bank, said Sygnum customers can “now benefit from potentially higher staking rewards”.

Statistics show that the Ethereum 2.0 deposit contract recently exceeded 6 million ethers and ETH is one of the most leveraged staking networks today. The Ethereum 2.0 deposit agreement enables users to integrate ETH into the ETH 2.0 phase 0 beacon chain.

What do you think of Sygnum Bank AG offering Ethereum staking? Let us know what you think on this matter in the comments below.

Tags in this story

6 million ethers, beacon chain, ETH, ETH 2.0 contract, ETH contract, ETH staking, ether, ether staking, Ethereum, Ethereum staking, jpmorgan, phase 0, PoS, staking contract, staking ETH, Sygnum, Sygnum Bank, Sygnum Bank AG , Taurus Group, Tezos, Thomas Brunner, Thomas Eichenberger

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