Bitcoin Suisse Vault Adds Support for Tezos Custody and Delegation
May 20, 2020
20 May 2020 – Bitcoin Suisse is pleased to announce support for the storage of Tezos (XTZ) including the ability to *delegate, in the **ISAE 3402-audited Bitcoin Suisse Vault.
XTZ holders who wish to safely custody their assets and earn staking rewards can now do so with the security of an institutional-grade crypto custody provider, already trusted with over $1 billion in assets.
More and more institutional and professional investors are considering the benefits of crypto assets and crypto financial products. One such benefit are the staking rewards offered by proof-of-stake blockchain networks, such as Tezos.
However, collecting staking rewards requires deep technical know-how, specific hardware and, in the case of large-scale investors, a suitable understanding the pertinent risks. For individuals and even institutions, this can be challenging.
Now with our professional, audited custody services through the Bitcoin Suisse Vault coupled with Bitcoin Suisse’s staking services, there is a complete package for asset managers, fund managers, and high net worth individuals who wish to participate in Tezos staking.
The Bitcoin Suisse Vault and the Bitcoin Suisse staking services create a high-value full-service offering for the most demanding institutional investors. In addition to audits by Grant Thornton and Zühlke Engineering, the Bitcoin Suisse Vault also received an ISAE2 3402 audit report from PricewaterhouseCoopers covering key generation, management, transaction and management flow.
Philipp Vonmoos, Head Storage at Bitcoin Suisse commented:
“We are excited to be adding XTZ to the Bitcoin Suisse Vault thereby making XTZ available for clients requiring a fully audited custody service. We are also very impressed by the development of the Tezos ecosystem and by including XTZ in our institutional-grade infrastructure are proud to contribute to that development.”
“Tezos was created with fundamental security features like formal verification that allow for institutional-grade smart contract security,” said Roman Schnider, CFO and Head of Operations at the Tezos Foundation.
“As more institutional adopters and investors get involved with the Tezos protocol, institutional-grade custody services such as Bitcoin Suisse’s PwC-audited Vault solution will be an integral part of the ecosystem.”
Tezos on the rise
As one of the foremost proof-of-stake blockchains, Tezos has seen increased growth and interest since the launch in mid-2018. It will be used to tokenize $300 million in real estate as announced in April. Last month also saw the launch of the tzBTC, a Bitcoin-backed token on the Tezos blockchain, with the support of a wide range of partners, including Bitcoin Suisse.
Bitcoin Suisse has been closely involved in supporting the Tezos community and ecosystem since the project’s ICO in 2017 and began offering Tezos staking services already in July 2018.
- *With delegation, an owner of XTZ can assign his or her assets to a staking address, which participates in the operation of the Tezos protocol and thereby earns rewards for the owner of XTZ.
- **International Standard on Assurance Engagements