Major Swiss cryptocurrency broker Bitcoin Suisse has added high-security custodial support and staking services for Tezos (XTZ) specifically for institutional clients.
On May 19 an announcement was made stating that Bitcoin Suisse which custodies over $1 billion in assets revealed going live with XTZ delegation and custody support using its Bitcoin Suisse Vault, which completed an ISAE 3402 audit by PwC last fall.
Proud to announce support for #XTZ in the ISAE-audited Bitcoin Suisse Vault – including delegation to #Tezos bakers. #PoS Another big step for institutional-grade #crypto custody for #cryptofinancial services! #bitcoinsuisse https://t.co/7j9LkuFPKw@TezosFoundation @tezos — Bitcoin Suisse (@BitcoinSuisseAG) May 20, 2020
Tezos investors are able to earn a form of “interest” by staking (depositing) their tokens to both maintain the network and earn rewards, similarly to other PoS-based blockchains,
Stakeholders participate in the staking and governance process by “delegating” their coins to a delegation service of their choice with Tezos in particular.
Once delegated, these holdings are set in correlation with the total staking balance of the service, with rewards paid out accordingly once they have been released by the network.
The broker says that increasing numbers of institutional and professional investors are coming to consider the benefits of crypto assets and crypto financial products, including the possibilities of staking.
However, asset managers and fund managers may lack the “deep technical know-how” and “specific hardware.”
Roman Schnider, CFO and Head of Operations at the Tezos Foundation, noted:
“Tezos was created with fundamental security features like formal verification that allow for institutional-grade smart contract security. As more institutional adopters and investors get involved with the Tezos protocol, institutional-grade custody services […] will be an integral part of the ecosystem.”
Source: Cointelegraph | Image: Unsplash