While it already offered services on cryptocurrencies, the Swiss bank PostFinance is now turning to staking on Ethereum (ETH). What are the conditions to benefit from it?
PostFinance offers staking on Ethereum to its clients
For almost 2 years now, the Swiss public bank PostFinance has been offering cryptocurrencies to its customers. This week, a new milestone was reached, with the opening of a staking service on Ethereum (ETH). In fact, customers of the banking institution can already generate returns, from 0.1 ETH.
In addition to this minimum investment, this new service also depends on other conditions. Firstly, an initial lock-in period of 12 weeks will be imposed when depositing ETH into staking, following which it will be possible to automatically renew the contract.
Furthermore, note that the fees are relatively high, namely 20% of the rewards paid. For comparison, Lido, the industry benchmark, applies 10% fees on said rewards.
Despite everything, this is an advance in terms of democratization important enough to underline it. And for good reason, the idea of seeing a commercial bank offering such crypto services to its customers was still unthinkable a few years ago.
In addition to the possible increase in the price of ETH, this clientele can thus receive an additional return generally amounting to 3% per year on average. Although for the moment only the Ethereum blockchain is affected, note that PostFinance could offer staking for other cryptocurrencies in the future.
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At the time of writing, the ETH price was at $3,440, up almost 4.6% in 24 hours. In terms of staking, 33.9 million ETH secured the network, or more than 28% of the asset's capitalization.
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Source: PostFinance
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Investments in cryptocurrencies are risky. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital
Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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