Swiss Bank Sygnum Begins Storing Crypto With Taurus Group, Launches Staking Service

The Switzerland-based bank Sygnum has announced this week that the fintech firm is now storing digital assets with the company Taurus Group. On Friday, the bank also revealed that the FINMA-approved firm’s clientele can purchase and stake XTZ by leveraging the Tezos network.

Earlier this year, news.Bitcoin.com reported on a number of Switzerland-based fintech services like Sygnum, Arab Bank Switzerland, Falcon, Maerki Baumann, SEBA Bank, and others obtaining banking licenses from the country’s Financial Market Supervisory Authority (FINMA). In January, the Swiss bank Julius Baer started offering digital currency services alongside SEBA bank. In August, the firm Basler Kantonalbank (BKB) revealed it’s subsidiary Bank Cler is now offering crypto services.

This week Sygnum bank revealed that it is partnered with the company Taurus Group, a firm that also works with SEBA bank and other Swiss fintech services. Sygnum has detailed that the company will be using Taurus’s node system and crypto storage framework. Taurus claims to offer the “most secure, most compliant, and reliable infrastructure and tools for digital assets” according to the company’s web portal.

In addition to the collaboration with Taurus, Sygnum bank also announced it will be allowing customers to purchase and stake coins stemming from the Tezos network.

“For the first time, XTZ can be deposited and staked with a regulated bank, enabling clients to participate in the Tezos network and earn staking rewards of up to 5 percent annually,” Sygnum said on Friday. The bank plans to offer other staking services from a variety of digital asset networks going forward.

“We are strong supporters of Tezos and its unique Liquid Proof-of-Stake governance mechanism, which aligns with our Sygnum values,” Martin Burgherr, Sygnum Bank’s Chief Clients Officer said during the announcement. “With XTZ staking, our clients can access a unique asset, which offers staking rewards and enables them to structure their digital asset portfolios in more creative ways. Tezos is the first proof-of-stake (PoS) token on Sygnum Bank’s platform, where we are continually expanding our offering to provide more choice for our clients,” Burgherr added.

Sygnum was founded in 2018 by Gerald Goh, Luka Muller, and Mathias Imbach, and all the bank’s digital assets are screened through Sygnum’s proprietary AML tool. Additionally, in order to maximize private key storage, Sygnum’s key ceremony is ISAE 3000 audited. Sygnum customers can also use fiat currencies such as USD, CHF, EUR, and SGD with the Swiss bank’s digital currency services platform as well.

The number of Swiss banking services offering digital currency products to customers has increased a great deal this year, and the trend has been much higher in comparison to other countries. However, the U.S. Office of the Comptroller of the Currency (OCC) is now allowing United States-based federal savings associations and national banks to hold stablecoins.

What do you think about Sygnum working with Taurus and offering staking services for Tezos? Let us know what you think in the comments section below.

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