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Sygnum becomes the first bank in the world to offer Eth2 staking

Crypto-focused Swiss bank, Sygnum Bank has announced that it has become the first bank in the world to allow its customers to stake ether.

According to a July 6 blog post, clients of the firm can now stake ETH through Sygnum’s institutional banking platform to earn up to seven percent a year income.

Sygnum describes itself as the “world’s first digital asset bank”, having obtained a banking license in Switzerland and a capital market services license in Singapore during August 2019 and October 2019 respectively.

The firm claims that “the vast majority of decentralized products and services run on Ethereum,” noting that the DeFi sector’s Total Value Locked (TVL) has grown by more than three times since the beginning of 2021:

“With Ethereum powering the exponential growth of decentralized finance (DeFi) applications, it is also an attractive option for long-term Ethereum investors looking for attractive yields.”

Thomas Eichenberger, Sygnum’s head of business units, described Ethereum as “a core element for a digital asset portfolio.”

Sygnum launched a staking service for Tezos (XTZ) in November 2020, and has offered a fixed deposit product for its digital Swiss franc stablecoin DCHF since March.

The bank faces competition from several crypto-native staking providers and centralized exchanges, including major US firms Coinbase and Kraken.

The digital asset bank is also looking to support DeFi assets, launching regulated banking services for eight major tokens including UNI, MKR and CRV last month.

According to Staking Rewards, Eth2 is currently the second largest Proof-of-Stake network with a capitalization of $13.5 billion, while only 5% of the circulating Ether is currently locked for staking.

Cardano (ADA) has the largest stake with a capitalization of $31.8 billion and currently holds 70.7% of the supply.

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