Licensed Swiss crypto bank, Sygnum Bank, added a number of Tezos (XTZ) services yesterday. The bank now offers custody, trading, and staking of XTZ. Staking will let users earn from HODLing, with no minimum period for coins to be locked, and 5% annual interest.
A cryptocurrency company licensed in Switzerland, known as Sygnum Bank, recently added services for its new listing, Tezos (XTZ). The altcoin represents the Bank’s first listing of a token from a PoS blockchain,
Swiss crypto bank adds multiple XTZ services
Switzerland has been rather progressive when it comes to cryptocurrencies for years now. In fact, it is known as one of the largest crypto hubs in the world. Now, it appears to be moving towards securing that position, as the Swiss crypto bank added a number of services for Tezos.
Yesterday, November 6th, Sygnum announced the new services’ arrival in a blog post. The bank noted that Tezos (XTZ) is now available for custody, trading, and staking.
Staking is likely to be particularly interesting to investors, as they get to earn rewards by locking down their coins. This encourages HODLing, and allows investors to make some money without having to sell their coins when the price changes favorably.
There is no minimum period that the coins need to be locked up in order for users to start earning rewards. As for the amount users could earn, the bank revealed that the interest will be up to 5% per year.
A big move for Tezos
Of course, XTZ staking is nothing new in the crypto industry, and there are plenty of platforms that already support it. However, staking XTZ on a company regulated as an official bank in Switzerland is a major move.
The bank was regulated by Swiss FINMA (Financial Market Supervisory Authority), which also offers a range of digital asset services. The bank’s biggest focus is on the B2B market.
Tezos Foundation’s head of enterprise adoption, David Fuchs, commented on the move by saying that Sygnum’s offering of Tezos staking and other services is a great way to further validate the network’s longevity and security. It is a big step on the path towards major adoption within the enterprise and institutional circles.
In addition to announcing support for Tezos, Sygnum also revealed it tapped custody services of a company called Taurus Group. This will help with keeping users’ assets more secure than ever before.
How did Tezos react to the news?
Tezos (XTZ) price seems to have reacted quite positively to the announcement. The coin has been following Bitcoin’s performance rather closely over the past few days, and while BTC grew due to the US elections, PayPal’s announcement of pending support for crypto, and the fact that the US just received its first crypto-owning Senator, Tezos and other altcoins followed closely.
However, the announcement of XTZ staking and other services offered by the Swiss crypto bank clearly had an impact on the coin’s price, which surged all the way up to $2.20 in the past 24 hours.
Since reaching this level, Tezos saw a minor price correction which took it down to $2.13. While the coin is attempting to go back up again, it appears that a resistance is preventing it from doing so at this moment.
At the time of writing, the coin’s price is at $2.13, which is 6.10% above the price the coin recorded 24 hours ago.
