Sygnum becomes the first bank to offer Ethereum 2.0 staking to clients

The Swiss-regulated cryptocurrency bank Sygnum expanded its range of services, giving clients access to staking Ethereum 2.0.

📣 NEWS: Sygnum first Bank to offer Ethereum 2.0 staking.

Sygnum Bank clients can now conveniently and securely stake Ethereum through Sygnum’s institutional-grade banking platform and generate a yield of up to 7 percent per annum currently.https://t.co/HmGzjkw9pT

— Sygnum Bank (@sygnumofficial) July 6, 2021

According to a press release, Sygnum became the first financial institution to offer clients such an opportunity. The staking service is fully integrated with the banking platform.

“Ethereum is the second-largest blockchain, and ETH staking is a core element of digital asset portfolios, access to which can now be obtained in a convenient, secure and regulated environment,” said Thomas Aichenberger, head of Sygnum Bank’s business unit.

Users can deposit Ethereum into bank accounts to earn yields of up to 7% per year. Sygnum also offers Tezos (XTZ) staking and term deposits in its own stablecoin DCHF, pegged to the Swiss franc.

According to the Eth2 Launchpad, the amount of funds locked in the Ethereum 2.0 deposit contract has surpassed 6 million ETH (~$13.96 billion at current rates). The annualized staking yield is estimated at 6.3%.

Over the past 24 hours, Ethereum’s price rose 2.4%, over the week — 11.6%, according to CoinGecko. At the time of writing, the second-largest cryptocurrency was trading around $2,321.

Earlier JPMorgan analytics stated that the launch of Ethereum 2.0 with the transition to the Proof-of-Stake consensus would turn crypto staking into an industry worth $40 billion a year.

Earlier in June, Sygnum offered clients storage and trading services for DeFi project tokens.

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