Sygnum rolls out support for ETH 2.0 staking, becomes first bank to offer such service
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Sygnum rolls out support for ETH 2.0 staking, becomes first bank to offer such service

Saudu Clement
Saudu Clement

Sygnum, a Swiss crypto bank with Singapore heritage, has launched an Ethereum 2.0 staking service.

Although other crypto exchanges and pooling services already offer ETH 2.0 staking, Sygnum has become the first bank in the world to offer this service following a Tuesday announcement. Consequently, customers of the bank will be able to stake Ethereum directly from their existing wallets and earn dividends of up to 7% annually via a fully integrated user-friendly setup.

For the uninitiated, Ethereum is one of the most widely used blockchain platforms. It is the cornerstone of the decentralized finance (DeFi) and non-fungible token (NFT) markets. As of press time, over 6 million ETH valued at around $14 billion has been staked on the Beacon Chain contract.

Commenting on the latest development, Thomas Eichenberger, Head of Business Units at the bank said:

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.

The world’s second-largest cryptocurrency is undoubtedly gaining momentum ahead of its transition to ETH 2.0. But before this, the London upgrade and Ethereum’s highly-anticipated gas-saving proposal (EIP-1559) is expected to go live next month.