Sygnum to Become the First Bank to Enable ETH 2.0 Staking

by in Cryptocurrency News

Ethereum 2.0 staking Sygnum bank

Switzerland-based digital asset bank Sygnum launched services of Ether 2.0 staking, becoming the first bank on the global scale to do so.

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As stated by the institution, customers will be able to use its banking platform that brings up to a 7% yield yearly. Staking will be possible to do from users' wallets directly.

Sygnum mentioned that with this move, it's expanding portfolio of digital asset yield-making products. Thomas Eichenberger, Business Unit Manager at the bank, says Eth staking is an essential part of investment portfolios.

Last year, the establishment started staking options for Tezos blockchain’s XTZ cryptocurrency. In June 2021, the bank began offering services for several DeFi tokens.

The amount of staked ETH in ETH 2.0 platforms has been rising. According to the latest update, the number hit 6.1 M Ethereum being staked, worth over $14 billion.

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Lately, JPMorgan experts shared their opinion on Eth2.0, saying it will meet broader adoption and could surge to $40 B by 2025. Currently, Ether trades at around $2340. Its market cap stands at over $278.6 B and market dominance is 18.89%.