Sygnum has revealed it will be the first banking institution in the world to give Ethereum 2.0 stake options to its customers.
The comment from the Swiss financial institution means it is the first bank to allow customers to stake ethereum.
Sygnum will allow this staking through its own bank. By using its top-grade banking system which is right now giving a yield of as much as seven percent a year.
The brand new staking offering from the bank will give a complete user-friendly option for customers who wish to stake their own ethereum from their own existing wallets. This staked ethereum will stay inside clients’ personal wallets, ensuring total security for people.
The announcement of ethereum 2.0 staking to the bank is not the only cryptocurrency to be staked by Sygnum. Currently, they also offer staking on the Tezos coin. The digital bank also has yield-producing fixed deposit on the Digital Swiss Franc.
Thomas Eichenberger, from Sygnum, spoke about this news, “Ethereum is now the second top protocol, and staking on Ethereum is a fundamental part of digital assets and can now be managed using a secure and convenient portal.” Eichenberger also reported that the staking of Ethereum with his bank will further boost the attractiveness of their current services.
ETH staking growing in popularity
The number of Ethereum that is being staked on top of the Ethereum 2.0 system keeps going up. Most recently that number got to 6.1 million Ethereum, with more than 185,000 validators. The number of Ethereum being staked now comes to a whopping $14 billion.
Staking seems to be rising in popularity as an additional method to bring in interest on crypto assets. JPMorgan’s analysts recently said that staking will keep getting traction as a revenue source for both retail and institutional investors. These analysts expect this staking revenue to grow four-fold by the year of 2025.
Thomas Brunner, of Sygnum Bank, said that, “Sygnum customers can now use the new staking system and benefit from the possibly higher profits now. This is an attractive option for long-term holders in Ethereum.“
Author: Steven Sinclaire