Swissquote Offers Tezos Staking with 5.7% Annual Yield

Swissquote, the largest bank in Switzerland, has announced that it intends to offer Tezos (XTZ) staking. The expected annual yield on staking will be up to 5.7%. Staking is not available in all cryptocurrencies. Only coins that have a Proof-of-Stake consensus mechanism can allow staking. Tezos, Solana (SOL), Polkadot (DOT), Ethereum (ETH), and Cardano (ADA) are just some of the cryptocurrencies using Proof-of-Stake.

Swissquote is also expected to launch its own cryptocurrency trading platform this year. According to chief sales and marketing officer, Jan De Schepper, the trading platform will likely be launched by June 2022. In addition to Tezos, Swissquote plans to add stablecoins and other staking services.

Swissquote currently offers 24 cryptocurrencies for trading such as Stellar, Litecoin, Ethereum, Bitcoin, Uniswap and XRP. In 2021, the bank's profit increased to CHF 472 mln, and Tezos staking will now be able to attract new customers to the firm. In addition, Swissquote acquired the Keytrade bank in Luxembourg. The deal is expected to close in a few months. Swissquote is also expected to launch options trading in 2022.

Image: Neironix