Crypto bank Sygnum gets into staking services, offers rewards for Tezos

Layer 1s • November 6, 2020, 8:00AM EST
UPDATED: November 6, 2020, 8:03AM EST
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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.

AUTHOR

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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