Sygnum Bank Debuts on ETH 2.0 Staking Platform Ahead of Upgrade

In November last year, Sygnum Bank AG noted that it had partnered with Taurus Group, a firm in relation with SEBA bank and other prominent Swiss fintech services, to offer customers crypto stalking accounts. At the time, the staking accounts would leverage on the Tezos network, a proof-of-stake platform.

However, with the ETH 2.0 upgrade just around the corner, Sygnum has announced that customers can now stake on the Ethereum network. Sygnum prides itself as the first FINMA-approved bank to debut on the ETH 2.0 staking space.

The head of business units at Sygnum Bank, Thomas Eichenberger, noted that:

“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.”

Sygnum Bank Sitting on a Potential $40 Billion Market

Sygnum Bank’s ETH 2.0 foray comes a week after banking behemoth JP Morgan noted that the staking industry was a sector to anticipate. JPM estimated that with the ETH 2.0 launch, the staking sector could become a $40 billion market by 2025.

The head of accounts and custody, Thomas Brunner, noted that “staking is a compelling choice for long-term investors in Ethereum.” The executive added that Sygnum clients can “benefit from potentially higher staking rewards now.”

Meanwhile, reports and statistics show that the ETH 2.0 deposit contract has now exceeded 6 million Ether, making ETH one of the most leveraged staking networks in the world. The deposit contract allows users to stake ETH in the ETH 2.0 phase 0 beacon chain.

 

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