Leading Swiss cryptosecurity broker Bitcoin Suisse has added high-security custody and staking services for Tezos (XTZ), with an eye on its institutional clients.
In an announcement on May 19, Bitcoin Suisse, which holds more than $1 billion in assets, revealed that it was going to implement XTZ delegation and custody support using its Bitcoin Suisse Vault, which completed an ISAE 3402 audit by PwC last fall.
Similar to other PoS-based block chains, Tezos‘ investors can earn a form of „interest“ by staking their tokens to maintain the network and earn rewards.
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With Tezos in particular, stakeholders participate in the staking and governance process by „delegating“ their currencies to a delegation service of their choice. Once delegated, these holdings are correlated with the total staking balance of the service, and rewards are paid accordingly once the network has released them.
A security update
Bitcoin Switzerland has supported XTZ’s staking services for its clients since July 2018, although it does not yet use its PwC-audited high security vault. The broker says a growing number of institutional and professional investors are coming to consider the benefits of cryptoactives and crypto currency financial products, including staking possibilities.
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However, asset managers and fund managers may lack „in-depth technical knowledge“ and „specific hardware“, says Bitcoin Suisse, as well as an understanding of the relevant risks.
Commenting on the launch of Bitcoin Suisse’s PwC-audited storage solution, Roman Schnider, chief financial officer and head of operations at the Tezos Foundation, said
„Tezos was created with key security features such as formal verification that allows for intelligent institutional-level contract security. As more institutional adopters and investors become involved with the Tezos protocol, institutional grade custodial services ? will become an integral part of the ecosystem.
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Last month, Bitcoin Buisse had also been among the partners supporting the launch of a new Bitcoin-backed token in the Tezos block chain, called „tzBTC“.