Switzerland-based digital asset bank, Sygnum announced today that the bank has launched staking for Tezos (XTZ), a blockchain network backed by a global community of more than 1,300 validators, developers, and researchers.
According to an official announcement by the bank on Friday, the current move makes it the first regulated bank in the world to launch staking for Tezos (XTZ). The bank now offers different services including custody, trading, credit, and staking service for XTZ from today.
Sygnum clients can now earn up to 5% annually in staking rewards for XTZ. The bank explained that there is no requirement related to the minimum withdrawal period as clients can exit staking positions at any time.
Tezos is a blockchain network that supports smart contracts and the development of decentralised applications, also known as Dapps. XTZ is currently ranked in the top 20 at CoinMarketCap with a market capitalization of more than $1.5 billion.
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Commenting on the launch, 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.”
Sygnum’s Expansion Plans
The crypto bank recently announced a partnership with Swiss fintech firm, Taurus in addition to an existing partnership with custodigit. In a statement, the bank said that it plans to add more tokens on its staking platform in the future.
“We are strong supporters of Tezos and its unique Liquid Proof-of-Stake governance mechanism, which aligns with our Sygnum values,” Martin Burgherr, Sygnum Bank’s Chief Clients Officer, said in a statement. “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,” he added.