Bank Frick rolls out cryptocurrency staking for customers
Bank Frick, the European pioneer of blockchain banking, is now offering clients staking as a service for digital assets.
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The new staking service offers Bank Frick clients the chance to win rewards in the form of newly generated digital assets - similar to interest on a savings account - by holding their coins. “We are delighted to offer our clients a new opportunity to use their digital assets to generate a return”, says Jonas Gantenbein, Senior Relationship Manager for Blockchain Banking at Bank Frick. Bank Frick is the first Liechtenstein bank to offer this service.
“Staking involves a certain amount of digital assets being held as a security to validate transactions in a blockchain network. As a result, staking contributes to the security of a blockchain network by providing more validators to validate transactions and guarantee the integrity of the network”, explains Gantenbein.
Bank Frick maintains full control of delegated cryptocurrencies
All staking activities are self-custodial (non-custodial), meaning Bank Frick maintains sole and complete control over the delegated cryptocurrencies. “All crypto assets that we hold for our clients are kept off our books and stored securely. As a bank, only we have around-the-clock access to the private key”, continues Gantenbein.
Initially, the staking service will be offered for the cryptocurrencies Tezos (XTZ) and Polkadot (DOT). Ethereum2.0 will be added to the range as soon as the Shanghai upgrade is concluded (probably in March 2023).