Switzerland’s government-owned retail bank, PostFinance, is providing an opportunity for Ether staking to its approximately 2.7 million clients, representing nearly a fourth of the Swiss populace.
On January 16th, in my latest blog post, I announced that our bank will provide an investment service utilizing Ethereum (ETH), with a fixed minimum holding period of twelve weeks. This unique offering allows for the potential sale of any accrued staking rewards.
As more conventional banks venture into the cryptocurrency sector, I find myself in the unique position of being part of a team at Anchorage Digital who were pioneers. In December, we made history as the first U.S. federally chartered bank to offer liquid Ether staking services.
Typically, a minimum of 32 units of Ether, equivalent to approximately $106,000, is needed for staking. However, PostFinance offers the option to stake with as little as 0.1 Ether, which translates to roughly $331.
According to Alexander Thoma, who is the head of digital assets at PostFinance, the bank’s staking service will rely on a direct staking method right on the Ethereum blockchain itself.
“The staking service is completely integrated into PostFinance’s existing services,” he said.
Thoma explained that this implies that the staking rewards will be visible alongside a customer’s other cryptocurrency holdings in their account balance or statement.
In the FAQ for PostFinance’s staking program, they are now only providing support for Ether. However, they have expressed their intention to add additional coins to their offerings at a later time.
As per the Beacon Chain records, the quantity of staked Ether is increasing annually. Currently, there’s more than 33 million Ether staked, which is a significant rise from the 682,000 recorded on December 1, 2020.
On the Dune Analytics platform, it’s clear that Lido Finance dominates the Ethereum staking sector with a 28% market share, closely followed by Coinbase at 9.5%.
Established back in 1906, PostFinance serves as the financial arm of Swiss Post, which is the country’s national postal service based in Switzerland.
The bank is reportedly managing approximately 124 billion Swiss francs, as per the estimates of the Swiss Sustainable Finance (SSF), a nonprofit organization.
Back in April 2023, PostFinance didn’t make its initial steps in the cryptocurrency world for the first time. Instead, they teamed up with digital asset banking group Sygnum to unveil plans for providing crypto trading and storage services. This service was launched just this past February.
Previously, in the year 2022, they initiated the development of a cryptocurrency custody platform. A year prior to that, they commenced the release of digital tokens tied to physical stamps.
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2025-01-17 06:29