Online trading banking group Swissquote is set to expand its cryptocurrency investment portfolio with the launch of Tezos staking.
Representatives of the Swiss group of companies have officially announced to customers the opening of the possibility of staking Tezos (XTZ) cryptocurrency with a yield of up to 5.7% per annum. The minimum staking volume will be 1 XTZ and the first reward will be paid out within 34 to 37 days. Subsequent rewards will be credited to the client’s account approximately once every three days.
Only those cryptocurrencies that already have or plan to implement the Proof-of-Stake consensus mechanism are going to be admitted to the staking procedure. Swissquote is expected to launch its own cryptocurrency exchange by mid-2022, and staking campaigns will help attract new customers.
Swissquote offers clients 24 cryptocurrencies to buy and sell CFDs. In 2021, this area of the group’s activities increased the bank’s profitability by approximately $500 million.
In January 2022, Swissquote announced the acquisition of Keytrade Bank Luxembourg with the aim of “accelerating European expansion and expanding the range of available services.”
Swissquote has been offering services related to crypto assets since 2016. The group participated in the sale of LKD tokens of the diamond manufacturer in the LakeDiamond laboratory. In 2018, Swissquote launched an intermediary service for the purchase of ICO tokens.
Source: Bits
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