Sygnum Bank Becomes the First Bank to Provide ETH 2.0 Pledge Service

The world’s first digital asset bank Sygnum Bank founded in Swiss and Singapore heritage, announced the first bank to accept Ethereum 2.0.

Sygnum said customers could pledge Ethereum through Sygnum’s banking platform and safely store the Ethereum in their personal accounts. At present, it generates up to a 7% yield every year.

As the world’s second-largest cryptocurrency with a market cap of $272,846,301,751, Ethereum is the basic network on which most decentralised finance (DeFi) protocols operate.

The rapid growth of the Defi market also proves that choosing Ethereum is a compelling choice for investors. According to DeFi pulse data, the DeFi sector’s total lock-up volume has more than tripled since last year. The current total lock-up value is as high as $55.45 billion.

The head of Business Units at Sygnum Bank, Thomas Eichenberger, said that:

“Ethereum is the second-largest blockchain protocol, and Ethereum staking is a core element for digital asset portfolios which can now be accessed in a convenient, secure, and regulated setting. This further expands Sygnum’s offering of attractive, regulated yield generating products to meet the needs of clients to accumulate other forms of return in addition to capital appreciation.”

On October 31, 2019, Sygnum started operating digital markets services in the country, approved by the Monetary Authority of Singapore (MAS).

Prior to providing Ethereum, Sygnum has launched a staking service for Tezos, a promising new blockchain-based platform for building smart contracts and decentralised applications (dApps), in November 2020. In the same month, Sygnum Bank, Swiss regulated digital asset bank, has unveiled a stablecoin dubbed Sygnum Digital CHF (DCHF) – a cryptocurrency pegged to the Swiss Franc. It is the first stablecoin revealed by a regulated Swiss bank.

Image source: Shutterstock

Leave a Reply

Your email address will not be published. Required fields are marked *