On Tuesday, the Swiss Bank Sygnum announced that Ethereum 2.0 staking is now accessible. Customers of the FINMA-approved firm can use Sygnum’s banking platform to access Ethereum-based staking services.
Sygnum Collaborates With Taurus
November of last year, Sygnum Bank AG, the world’s first digital asset bank, announced that it has collaborated with Taurus Group, a business that also works with SEBA Bank and other Swiss fintech services. Sygnum will also offer customers crypto staking accounts, according to the financial services firm at the time.
The Taurus collaboration also announced that the accessible staking accounts would use the Tezos network, a proof-of-stake (PoS) blockchain. Sygnum now allows clients to stake Ethereum (ETH) on the corporation’s banking platform. Sygnum claims to be the first FINMA-approved Bank to engage in ETH 2.0 staking.
Sygnum Bank’s head of business divisions, Thomas Eichenberger, states:
“Ethereum is the second-largest blockchain protocol, and Ethereum staking is a core element for digital asset portfolios which can now be accessed in a convenient, secure, and regulated setting. This further expands Sygnum’s offering of attractive, regulated yield generating products to meet the needs of clients to accumulate other forms of return in addition to capital appreciation.”
JPMorgan approximates Crypto staking to be worth $40 billion by 2025
Sygnum Bank’s ETH 2.0 staking offering comes on the heels of JPMorgan’s investor note issued last week. JPMorgan forecasted that cryptocurrency staking could be a $40 billion market by 2025, based on the Ethereum 2.0 staking shift.
Sygnum’s head of accounts and custody claims in the Bank’s latest announcement that “staking is a compelling choice for long-term investors in Ethereum.” Thomas Brunner, the Bank’s head of accounts and custody, believes that Sygnum clients can “benefit from potentially higher staking rewards now.”