Sygnum Bank Debuts on ETH 2.0 Staking Platform Ahead of Upgrade

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.

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.