Sygnum Bank now offers Ethereum 2.0 staking service
July 6, 2021, 6:42AM EDT
1 min read
Swiss crypto bank Sygnum has launched an Ethereum 2.0 (ETH2) staking service, claiming to be the first bank to offer this service.
The development means Sygnum clients can now stake their ether (ETH) holdings with the bank and earn a yield of up to 7% per annum currently. The yield depends on the amount of ether being staked in the network — the more people staking, the lower the yield.
ETH is one of the most popular staking coins. To date, over 6 million ETH, worth nearly $13.65 billion at current prices, have been staked in the Ethereum 2.0 staking contract, according to The Block's Data Dashboard. One ETH is currently priced at around $2,280.
Sygnum currently also offers a staking service for tezos (XTZ) and a yield-generating fixed-term deposit on its digital Swiss franc stablecoin (DCHF).
For more breaking stories like this, make sure to subscribe to The Block on Telegram.
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.