• Swissquote, the largest bank in Switzerland, is planning to offer Tezos staking services and its crypto trading platform.
• The bank is among many others that have showcased an interest in the world of digital assets.

Switzerland’s largest bank Swissquote has revealed that it will soon start offering Tezos (XTZ) staking services. Reportedly, the expected annual yield for the same will be up to 5.7 percent.

Additionally, the bank has plans to launch its crypto trading platform this year. The launch is likely to take place before June 2022, according to chief sales and marketing officer, Jan De Schepper. Another launch also scheduled to happen this year is that of options trading.

Currently, Swissquote offers 24 cryptocurrencies for trading including Bitcoin, Ethereum, Litecoin, XRP, Stellar, and Uniswap. The service increased the bank’s revenue in 2021 to an approximated CHF 472 million or slightly above $511 million. The institution is now looking to incorporate Tezos staking as an additional revenue source. Another income generator will be stablecoins, which Swissquote also plans on providing. 

Swissquote plans on crypto services

Other than the financial advantage, Swissquote will also be benefiting from the country’s crypto market which has shown a high demand for staking services and stablecoins. Proof-of-stake networks Polkadot and Cosmos had the highest staking yield at 14.7 percent each, according to a report by staked.us and Kraken exchange. Ethereum’s layer-2 protocol Polygon also saw the highest growth last year to boast a staking yield of 11.3 percent. 

To make the most of its services, Swissquote is expanding its coverage after signing an acquisition deal with Keytrade Bank, Luxembourg. The deal is expected to finalize in several months, with more details about it being provided in the bank’s March financial report. Keytrade bank has been operational since 1999, has over 8,000 clients and roughly EUR 1.7 billion in assets.

Of the acquisition, Swissquote’s CEO, Marc Bürki remarked:

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.

Side notes

Other noteworthy banks that have ventured into crypto services include America’s oldest bank BNY Mellon, which offers a crypto custodial service. JPMorgan Chase offers crypto trading while Morgan Stanley offers its wealthy clients access to Bitcoin funds. Bank of America, an institution that was a long-time crypto critic, launched a crypto research arm in October as its clients expressed heightened interest in digital assets. However, a number of central banks, such as those in India and Russia have been against cryptocurrencies, preferring instead to work on central bank digital currencies (CBDCs).