Swissquote Launches Ethereum Staking to Expand Its Crypto Staking Offerings

Swissquote, Switzerland's leading bank in online financial services, has launched Ethereum staking, expanding its crypto staking offerings.

Fazzaco Hall of Fame 2022 to Make Debut Soon

On the company's official website, Swissquote stated: "Staking in crypto is a process that allows you to earn rewards while blocking certain digital currencies (put them «at stake») via a consensus feature called Proof of Stake (PoS) during an amount of time defined by you. 

"Your locked assets are used to achieve a consensus mechanism that is required to ensure the security of the network and the validity of each new transaction. That’s why crypto stakers are also called «validators». For locking assets and providing services to the blockchain validators are rewarded with new coins."

It added: "Proof of Stake is a consensus algorithm that reduces the energy-intensive processes required by classic crypto mining. The transaction speed is increased while the blockchain is greener."

The broker also offers staking in Solana, Tezos and Polkadot.

Swissquote has been following the development of its crypto business in recent years. Earlier this month, the company announced that it has prepared to launch its proprietary crypto trading platform, SQX​, for clients to manage, store and trade their assets without intermediaries.