Swiss bank launches Tezos trading and staking (XTZ)

IN BRIEF

  • Sygnum crypto-bank launches trading, staking and custody of Tezos (XTZ).
  • Sygnum customers will be able to benefit from an annual interest rate of 5%.

Swiss-based crypto-bank Sygnum launches trading, staking and custody of Tezos (XTZ).

Sygnum x Tezos

Customers will be able to earn rewards of up to 5% annually by playing their XTZ tokens.

Sygnum explains :

We are strong supporters of Tezos and its unique Liquid Proof-of-Stake governance mechanism.

Sygnum is registered as a bank by the Swiss Financial Market Supervisory Authority (FINMA) and offers a range of services for corporate and institutional clients.

The bank uses the solution provided by the company Taurus to store and secure its clients‘ assets.

Explanations of the Liquid Proof-of-Stake

Tezos uses a consensus validation process known as Liquid Proof-of-Stake. The miners in the Tezos blockchain are called „bakers“ or „bakers“. Thus, new Tezos blocks are created by a randomly selected baker. This validation consensus derived from the Proof-of-Stake does not require a mining machine and does not consume energy.

Recently, the EDF Group, through its subsidiary Exaion, chose to participate in the operation of the Tezos blockchain.