Swissquote, the largest bank in Switzerland revealed it will begin offering crypto staking in tezos (XTZ). The expected annual yield for staking tezos is expected to be up to 5.7%.
Crypto staking is not available in all cryptocurrencies. Only coins that have proof-of-stake consensus mechanism can allow staking. Tezos, solana (SOL), polkadot (DOT), ethereum (ETH) and cardano (ADA) are just some of the cryptocurrencies that use proof-of-stake.
Swissquote is also expected to launch its own crypto trading platform this year. According to chief sales and marketing officer, Jan De Schepper, the crypto trading platform may launch before June 2022.
Aside tezos, Swissquote is planning to add stabecoins and other staking services due to their high demand.
Swissquote is currently offering 24 cryptocurrencies for trading (CFDs) such as stellar, litecoin, ethereum, bitcoin, uniswap and XRP. Following a strong performance in 2021 where the bank's revenue increased to CHF 472 million (approx.), staking services may attract new clients to the firm.
source: staked.us
According to a report by staked.us and Kraken, the staking yield for both polkadot and cosmos is 14.7%. Additionally, Polygon enjoyed the biggest growth in 2021.
Swissquote Acquires Keytrade Bank
Aside from cryptocurrencies, Swissquote acquired Keytrade bank in Luxembourg. The deal is expected to finalize in several months. Swissquote may provide further details on the deal in its financial report, due on 17 March 2022.
Keytrade bank has been operational since 1999. The bank has over 8,000 clients with approximately EUR 1.7 billion in assets. Acquiring Keybank is enabling Swissquote to expand its reach in Europe. Moreover, Swissquote is expected to launch options trading in 2022.
The CEO of Swissquote, Marc Bürki said on the acquisition, “With the acquisition of Keytrade Bank Luxembourg we will strengthen our European expansion. Moreover, we will continue to develop our service offering to suit the needs of institutional as well as private clients in Luxembourg and the European Union. We will bring together the strengths of both institutions, Swissquote Bank Europe and Keytrade Bank Luxembourg, to become the clear leader in digital investing services in Luxembourg."
