Switzerland-based crypto-friendly bank Sygnum Bank is gearing up to offer Ethereum 2.0 staking services.
Ethereum Staking Services are Here
Sygnum, which claims to be the world’s first digital asset bank today announced it had introduced support for Ethereum 2.0 staking. Interested clients can choose to securely stake Ethereum via Sygnum’s institutional-grade banking platform and earn yields as high as 7% per annum.
Notably, staking services are already fully integrated into Sygnum’s banking platform with an intuitive, user-friendly setup. Staking is the natural choice for individuals with a long-term bullish outlook on Ethereum as it continues to power the rapidly developing DeFi and NFT landscapes.
For the uninitiated, staking involves users locking up their ether (ETH) to participate in the validation of transactions on the Ethereum proof-of-stake network. In return for staking their precious ether, users will receive “rewards” in the form of extra ETH.
Essentially, staking rewards could be considered the equivalent of today’s interest earned on savings accounts in a typical bank or a financial institution. The only difference being that it is estimated the staking rewards will be much higher than what banks offer on cash deposits in savings accounts.
Commenting on the development, Thomas Eichenberger, Head of Business Units at Sygnum Bank, noted:
“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.”
ETH 2.0 Staking Picking Steam
In that regard, crypto exchanges the world over are already preparing to have ready infrastructure as soon as ether staking goes live.
As reported by BTCManager on April 16, Coinbase had sent out invitations to customers on the waitlist to stake their ether.
At press time, ether trades at $2,309, according to data on CoinGecko.