Bitcoin Suisse, a cryptocurrency financial service company based in Switzerland, is set to provide highly secured custodial and staking services for Tezos holders, according to an announcement by the firm today.
This new development is majorly targeted at Tezos institutional investors as interest in digital assets staking services has spiked over the years. Hence, with the security of an institutional-grade crypto custody provider that has already been trusted with over $1 billion in assets, XTZ holders can now safely custody their assets and earn staking rewards.
Cryptocurrency Staking is a process by which a crypto holder delegates his assets to another user on the network who is running the blockchain software in exchange for passing income or profit.
Fully audited XTZ custody service now available
Staking rewards offered by proof-of-stake blockchain networks, like Tezos, is one of the benefits of crypto assets and crypto financial products.
Notwithstanding, it is quite challenging for individuals and even institutions to collect staking rewards as it requires in-depth technical know-how and specific hardware.
Also, Bitcoin Suisse acknowledged that a proper understanding of the pertinent risks associated with staking is required for large-scale investors.
However, the Swiss company noted that it would be integrating its recently audited vault with the staking services to provide a “complete package” for asset and fund managers, as well as high net worth individuals who wish to partake in Tezos staking.
According to Bitcoin Suisse, the initiative is a high-value full-service offering for the most demanding institutional investors.
Commenting on the development, Philipp Vonmoos, Head Storage at Bitcoin Suisse, said that adding the XTZ token to its platform will be beneficial to users.
He noted that adding the XTZ to its staking program requires the firm to be fully audited, which prompted the company to be inspected by Grant Thornton and Zühlke Engineering and receiving an audit report from PricewaterhouseCoopers.
“We are also very impressed by the development of the Tezos ecosystem, and by including XTZ in our institutional-grade infrastructure are proud to contribute to that development,” Vonmoos added.
In a similar development, Coinbase Custody launched XTZ staking for institutional investors last year, allowing its users to earn passive income via staking activities.
Demand for Tezos (XTZ) spikes
Tezos has made significant progress since its launch, with several institutional players and investors adopting the project over the years.
The XTZ token has also recorded a growing demand from investors as Coinfomania reported recently that more Coinbase users are buying the token more than other altcoins.
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!