Crypto bank Sygnum gets into staking services, offers rewards for Tezos


Crypto bank Sygnum has ventured into staking services. The bank now offers up to 5% annual rewards for staking Tezos (XTZ) token.

Sygnum said the move makes it the first regulated bank to launch staking for Tezos. The bank's clients can buy XTZ via fiat currencies and then stake it to earn passive income.

It is not clear whether Sygnum charges any commission for the staking service. The Block has reached out to the bank and will update this story should we hear back.

Coinbase Custody, currently the biggest staking service for Tezos, charges a 25% commission. Crypto exchanges Kraken and Binance, on the other hand, do not charge any staking fees.

Martin Burgherr, chief clients officer of Sygnum Bank, said XTZ is the first token on the bank's staking platform and more proof-of-stake tokens could be added in the future.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

5 Steps to a Successful Crypto AML Program

As cryptocurrencies become increasingly mainstream, regulators, the media and policymakers are paying more attention to the financial crime risks associated with them. But what are the biggest compliance challenges crypto firms face, and what does a best practice AML program look like? 
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC