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.