Swissquote enables staking benefits for Solana (SOL) with 5.2% APY

abdelaziz Fathi

Swissquote has introduced a staking service for Solana (SOL), which enables users to earn dividends or interest on their SOL holdings just for depositing and holding the token on the platform.

The Swiss online bank posted on its website the terms for staking Solana, noting that it will provide an estimated 5.2% annual percentage yield (APY) on tokens staked in the Solana network, with rewards distributed every three days.

Notably, staking positions can be exited at any time as there is no minimum withdrawal period. Yield rates, however, are subject to change and are largely dependent on fluctuations in the total amount of tokens locked up through staking on each given network.

“Based on Proof of Stake and Proof of History, the Solana platform is designed for both individuals and companies thanks to its low transaction costs, capacity to adapt and its processing speed. The platform has also helped popularise NFTs, and has become a major player in decentralised finance (DeFi),” the company explains.

The process involves the users delegating their token holdings to those running the blockchain software in exchange for sharing some profit. The decision was taken in the context of huge interest from retail investors who were open to the idea of earning interest on their crypto assets.

Swissquote is looking to delve further into the digital-asset arena with the launch of its own cryptocurrency trading platform.

Jan De Schepper, chief sales and marketing officer at Swissquote, said month he expects the crypto exchange to be run and operational before the end of September 2022. To further sweeten the offering, Switzerland’s largest online bank plans to add stablecoins and staking services, which are currently in high demand, to the list of cryptocurrency offerings.

The new service combines Swissquote’s expertise as a provider of online trading services with digital asset security, in a bid to provide a safekeeping service for investment houses looking to gain exposure to the rapidly emerging asset class.

The brokerage firm already allows its clients to trade CFDs on 24 cryptocurrencies: Bitcoin, ethereum, litecoin, XRP, bitcoin cash, chainlink, ethereum classic, EOS, stellar, tezos, augur, ox, cardano, uniswap, aave, cosmos, algorand, filecoin, maker, compound, year.finance, dogecoin, polkadot and solana.

Swissquote’s crypto offering is going up against local players like Dukascopy which has its own cryptocurrency, allows clients to deposit and withdraw funds in digital coins, as well as enabling free internal crypto-transfers between users of mobile banking.

Read this next

Digital Assets

LMAX Digital onboards Bryan Christian and Cassandra Cox to lead sales

Institutional cryptocurrency exchange LMAX Digital continues to undergo a series of changes in its top ranks as it continues to build its presence globally. Two industry veterans, Bryan Christian and Cassandra Cox, have joined the group as its newest sales directors in Europe and USA.

Digital Assets

Cake DeFi introduces Ethereum Staking with 5% returns

Cake DeFi, a Singapore-based DeFi platform, is launching its Ethereum (ETH) staking service for retail and institutional customers.

Retail FX

FX trading rebounds 405pct at Saxo Bank in September

In a volatile market driven by Russia-Ukraine headlines, FX trading volumes through Saxo Bank have rebounded strongly in September to the highest level in three months.

Retail FX

CMC Markets’ stock climbs as H1 revenue to climb +20%

CMC Markets PLC (LSE:CMCX) shares spiked 5.6 percent to 235p in Thursday’s trading after the firm’s trading update for the first half of its fiscal year 2023 revealed results at the high end of company projections.

Retail FX

Interactive Brokers doubles client accounts to 2 million in 24 months

Electronic brokerage firm Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes took a slight step back in September, an indication that investor confidence is still fairly mixed over the past few months.

Digital Assets

DeFiChain tokenizes Walmart, Unilever, US Oil and Gas Funds

Bitcoin-based DeFi platform DeFiChain is opening up the opportunity for its users to trade crypto versions of Walmart, Unilever, US Oil Fund, and US Gas Fund.

Industry News

The B2Broker B2Core REST API Is Now Live

B2Broker has announced the release of its new REST API, which lets customers use B2Broker’s solutions and services for business purposes.

Executive Moves

CME Group taps Paul Woolman to lead Equity Index, Giovanni Vicioso to lead Crypto

“Our equity and cryptocurrency businesses have experienced tremendous growth in recent years, underpinned by strong customer adoption and continued innovation.”

Technology

Sumsub launches document-free KYC for users in India, Brazil, Nigeria and Indonesia

Sumsub has launched one click-KYC for users in India, Brazil, Nigeria and Indonesia in a move that allows businesses to instantly onboard over 2 billion users without requesting their ID documents.

<