Bitcoin Suisse, a Zug-based crypto financial services firm, has added Tezos to its crypto custody, along with staking services for the digital currency.
Announced on Wednesday, the clients using the firm’s services can now store the proof-of-stake (PoS) digital currency on the Bitcoin Suisse Vault. With this, the platform is specifically targeting asset managers, fund managers, and high net worth individuals to store and receive staking rewards on Tezos deposits.
“Tezos was created with fundamental security features like formal verification that allow for institutional-grade smart contract security,” Roman Schnider, CFO and head of operations at the Tezos Foundation, said.
“We are excited to be adding XTZ to the Bitcoin Suisse Vault thereby making XTZ available for clients requiring a fully audited custody service. We are also very impressed by the development of the Tezos ecosystem and by including XTZ in our institutional-grade infrastructure are proud to contribute to that development.”
The announcement pointed out that offering custodial services with PoS-based cryptos requires “deep technical know-how, specific hardware and, in the case of large-scale investors, a suitable understanding [of] the pertinent risks.”
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Increasing institutional demand for crypto
Bitcoin Suisse offers a number of crypto-related services including brokerage, lending, custody, and tokenization services to institutional clients. According to the company, its vault stores $1 billion in assets.
The platform is seeking fresh capital by selling 20 percent of its parent company at a pre-money valuation of $283 million.
Meanwhile, Tezos is gaining a lot of attention in the blockchain arena with the launch of its mainnet.
In April, multiple Swiss firms collaborated to launch a Bitcoin-backed payment token on Tezos blockchain.
“As more institutional adopters and investors get involved with the Tezos protocol, institutional-grade custody services such as Bitcoin Suisse’s PwC-audited Vault solution will be an integral part of the ecosystem,” Schnider added.