Swiss Licensed Crypto Bank to Start Staking XTZ
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Nov. 6, 2020
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Based in Switzerland Sygnum Bank has announced it started offering purchase, custody, trading, credit and staking services for the Tezos blockchain’s native XTZ token. From now on, the bank's clients can stake their tokens directly with Sygnum Bank and earn rewards of up to 5% APY.

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According to an official press release, Sygnum's clients can use fiat currencies, including CHF, EUR, SGD and USD, to buy, hold and trade XTZ. Martin Burgherr, Sygnum Bank’s Chief Clients Officer, says the bank is a "strong supporter of Tezos and its unique Liquid Proof-of-Stake governance mechanism."

"With XTZ staking, our clients can access a unique asset which offers staking rewards and enables them to structure their digital asset portfolios in more creative ways," Burgherr added.

In September, Sygnum received an approval from the Swiss Financial Market Supervisory Authority (FINMA) for its digital asset trading facility.

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With the license, the bank increased collaboration with issuers to tokenize their shares, raise capital via digital assets a fully digital manner as well as listing their securities.

Sygnum is a Switzerland-based licensed digital asset bank. The bank says its trading facility offers investors’ access to new investment opportunities, including instant settlement, the ability to move between fiat, digital CHF (DCHF) and asset token positions in real-time, and the security of bank-grade custody.

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