Sygnum Bank, a licensed digital asset bank, recently claims it is the first regulated bank to launch staking for Tezos (XTZ), an open-source protocol backed by a global community of 1300+ validators, researchers and developers. According to Sygnum, XTZ may now be deposited and staked, enabling clients to participate in the Tezos network and earn staking rewards of up to 5% annually.
“As there is no minimum withdrawal period, staking positions can be exited at any time, and clients can access transaction and independently-confirmed tax reports available on-demand via e-banking. Comprehensive due diligence is conducted by Sygnum on all Tezos validators – or ‘bakers’ – to ensure their reliability before they are offered on the Sygnum platform.”
While speaking about the launch, Martin Burgherr, Sygnum Bank’s Chief Clients Officer, stated:
“With XTZ staking, our clients can access a unique asset which 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.”
Sygnum further revealed that its clients may use their traditional fiat currency deposits, including CHF, EUR, SGD and USD, to securely buy, hold and trade XTZ and further diversify their digital asset portfolios. The banking group added:
“The protocol is seamlessly integrated with fiat balances, other leading protocol tokens, a Digital CHF token for instant settlements and a diverse range of asset tokens – all in one account. Each client’s assets are held in highly secure, individually segregated wallets to avoid counterparty risks, and are available with one click from Sygnum’s licensed e-banking platform from anywhere in the world.”
Founded in 2018, Sygnum also claims to be the world’s first regulated Digital Asset Bank, founded on Swiss and Singapore heritage, operating globally.