Sygnum Introduces Tezos (XTZ) Staking to Its Customers

News / 07.11.2020

The crypto bank Sygnum now offers its customers Tezos staking (XTZ), with an annual interest rate of 5%. Based in Switzerland, Sygnum becomes one of the first banks in the world to introduce such a service.

According to a statement from the bank, customers can now buy XTZ with Swiss francs (CHF), Euros (EUR), Singapore dollars (SGD), and US dollars (USD). Each client asset will be held in highly secure portfolios and stored individually to minimize asset risks.

Sygnum will offer clients that signup to the staking service an annual interest rate of 5%. Besides, clients will have access to loans in XTZ and withdraw funds at any time, with no holding period.

Sygnum bank also revealed that clients would also be able to request tax reports on their assets. Chief Commercial Officer of Sygnum,  Martin Burgheer, revealed that the new development would offer its clients new potentials.

“With XTZ staking, our clients can access a unique asset that offers staking rewards and allows them to structure their digital asset portfolios more creatively,” He said. 

David Fuchs, Tezos Foundation Business Adoption Manager for EMEA, further added. “Sygnum’s offering of Tezos staking services serves to validate the security and longevity of the network, and is a new step on the road to adoption by institutions and businesses.

Tezos’ staking becomes institutionalized

Tezos continues to grow as a top choice among financial institutions with the latest partnership with Sygnum, a key indicator. The Swiss crypto bank is also a major stakeholder in Tezos and serves as a network validator.

Tezos has also secured major partnerships in recent months, and recently EDF Group, via its subsidiary Exaion, became the first French company to participate in the Tezos ecosystem.

This is in addition to the French government selecting its blockchain to test run the digital euro. Also, this seems to indicate that the Tezos network’s health in the long term is assured.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.