Zug, November 23, 2020 – The launch of Ethereum 2 – a major milestone in the world of decentralized applications and finance – is fast approaching. For Ethereum 2 to go live on December 1 as planned, the deposit contract needs to be filled with a minimum of 524’288 ETH before noon CET on November 24. One of the few large crypto-financial providers fully ready with ETH-2 staking from the very start, clients of Bitcoin Suisse alone have committed over 87’000 ETH, currently valued at some USD 51m, through the Bitcoin Suisse Online platform, corresponding to 17% of ETH needed and 25% of total commitments as of 5pm CET today.
Niklas Nikolajsen, founder and Chairman of Bitcoin Suisse, said: “Thanks to Bitcoin Suisse’s full readiness for the go-live of Ethereum 2, our clients have benefited from a seamless and secure process – and the opportunity to be part of the ETH-2 genesis block. The fact that 25% of the commitments so far to the ETH-2 contract and a minimum of 17% in total for the launch of ETH-2 were executed through our platform is something we are proud of – and a testament to both our position in the market and our large and active client base.”
Niklas Nikolajsen added: “We are proud to have enabled our clients to contribute significantly to this key step in the development of the Ethereum ecosystem. We were there at the very beginning when the concept behind Ethereum was born. We worked closely with what would become the Ethereum Foundation since early 2014 and in 2015 we supported its initial ‘crowd contribution’, which resulted in the creation of Ethereum. Bitcoin Suisse has a deep knowledge of the protocol and has been in the market for longer than almost any other player in the crypto space.”
Ethereum 2 is the next generation of Ethereum and represents a major upgrade to the Ethereum blockchain. Its launch signals the transition from using proof-of-work to proof-of-stake for the validation of blocks on the Ethereum blockchain. Ethereum 2 will reduce energy consumption and allow the network to process more transactions.
To be ready for its clients for the staking of ETH2 from the genesis block was a high priority for Bitcoin Suisse. While initially ETH2-staking will yield 21.6% staking reward (APR – annual percentage rate), Bitcoin Suisse expects a reward rate of ~10% APR in the first year. The lower the number of validators, the higher the rewards – so to be one of the first pays off. Clients of Bitcoin Suisse will benefit from robust and secure services and the strong experience and position of Bitcoin Suisse:
- Automatic conversion: Bitcoin Suisse will convert ETH deposited by clients to ETH2. For deposits received before 23:59 CET on November 22, the conversion will be conducted in time for the scheduled launch of the Ethereum 2 blockchain Deposits received after November 22 will be converted on an ongoing basis.
- Technical set-up and maintenance: To ensure the highest possible up-time, Bitcoin Suisse will secure and monitor the deposited stakes for clients and regularly perform the necessary updates to the staking software.
- Regulated and secure: Bitcoin Suisse is a regulated Swiss company with an audited cold storage solution and deposits secured by a CHF 60m bank guarantee from a state-backed Swiss cantonal bank to ensure minimal counterparty risk. This eliminates the risk associated with the anonymous delegation services available elsewhere.
- Track record: Bitcoin Suisse is one of the world’s longest-established crypto-financial service providers and has a proven track record of stability, trust, and service excellence since 2013. Currently, Bitcoin Suisse holds over USD 1.6 billion in cryptocurrencies for its clients. Further, the company recently successfully completed its first-ever financing round of USD 49m valuing the company at CHF 302.5m and increased its equity to over USD 100m.
More information on Ethereum 2 staking at Bitcoin Suisse can be found here.
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