Bank Sygnum added support of stacking, storage, trading and lending for Tezos

09.11.2020
Sygnum was the first regulated bank to launch stacking, custodial services, trading and lending for Tezos (XTZ). The bank’s clients can receive up to 5% of their annual income for participation in stacking;

According to claim of the Swiss bank Sygnum, the clients of the financial organization now have access to a variety of services with Tezos support, including online staking, custodial services, trading and lending. Sygnum conducts a comprehensive legal review of a selected group of Tezos validators, available on the platform;

Sygnum clients can participate in XTZ stacking directly through the bank and receive up to 5% annual compensation. Since there is no minimum withdrawal period, it is possible to withdraw from positions in the stacking at any time. Customers can access transactions and independently verified tax reports, available on request through electronic banking;

Sygnum is regulated by the Swiss Financial Market Authority (FINMA) and offers a range of digital asset services with a focus on the B2B market. David Fuchs, head of implementation at the Tezos Foundation in Europe, Middle East and Africa, said:

«The offer of stacking services for Tezos is a testament to the security and longevity of the network, and will be another step towards the widespread adoption of technology at the institutional and corporate levels;

Sygnum clients can use traditional deposits in fiat currencies, including Swiss francs, euros, Singapore dollars and US dollars, to safely buy, store and trade XTZ and further diversify their digital asset portfolios. They can also increase the liquidity of fiat currency by using a collateral loan against their XTZ.

Each client’s assets are stored in secure individual wallets and available on Sygnum’s licensed e-banking platform from anywhere in the world. Martin Burgherr, customer service director at Sygnum, said:

«We strongly support Tezos and its unique Liquid Proof-of-Stake control mechanism, which is consistent with Sygnum values. With XTZ stacking, our customers can access a unique asset that offers rewards for stacking and allows them to structure their digital asset portfolios more creatively»;

Recall that in March Sygnum presented a digital version of the Swiss franc (DCHF) for fast and economical settlements with securities. In August, Switzerland’s largest online retailer Galaxus in partnership with Coinify provided the first payment using digital Swiss franc