Sygnum Bank now offers Ethereum 2.0 staking service

Ethereum • July 6, 2021, 6:42AM EDT
UPDATED: July 6, 2021, 9:31AM EDT
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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).

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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