Skip to content

Bitcoin Suisse is aimed at institutional customers with safe custody and participation in Tezos

May 20, 2020

The largest Swiss cryptocurrency broker Bitcoin Suisse added high-security custody and stakeout services for Tezos (XTZ). with an eye on hers institutional clients.

In an announcement on May 19, Bitcoin Suisse, which holds over $ 1 billion in assets, announced that it will implement XTZ delegation and custody support using its Bitcoin Suisse vault, which is an ISAE 3402- PwC has completed the examination. last fall.

Similar to other PoS-based blockchains (proof of stake) Tezos investors can earn some form of “interest” using their tokens to maintain the network and earn rewards.

Bitcoin Suisse is aimed at institutional customers with safe custody and participation in Tezos
Bitcoin Suisse is aimed at institutional customers with safe custody and participation in Tezos

At Tezos in particular, stakeholders participate in the stakeout and governance process by “delegating” their coins to a delegation service of their choice. After delegation, these stocks are determined in correlation with the service’s total operational balance, and bonuses are paid out as soon as the network releases them.

A security update

Bitcoin Suisse has been supporting XTZ stakeout services for its customers since July 2018. although it still doesn’t use its PwC-approved high security vault. The broker says an increasing number of institutional and professional investors will consider the benefits of crypto assets and cryptocurrency financial products, including their uses.

However, asset managers and fund managers may lack “deep technical knowledge” and “specific hardware,” says Bitcoin Suisse, as well as an understanding of the relevant risks.

Roman Schnider, CFO and Chief Operating Officer of the Tezos Foundation, commented on the introduction of the Bitcoin Suisse PwC-approved storage solution as follows:

“Tezos was created with basic security features such as the formal review that enables smart contracts to be secure at the institutional level. The more institutional users and investors deal with the Tezos protocol, the better institutional custody services will become […] They will be an integral part of the ecosystem. “

Last month, Bitcoin Buisse was also one of the partners supporting the launch of a new Bitcoin-based token on the Tezos blockchain called “tzBTC”.

Bitcoin founder Suisse strongly supports the proof-of-stake protocol

Earlier this year, Bitcoin Suisse founder Niklas Nikolajsen argued in an interview that “As soon as it turns out that the proof of participation works well, it is superior to the proof of work.”

In contrast to the consensus algorithm of PoS-based networks are evidence of the work underlying Bitcoin. You need significantly less electricity to get it.

Despite his positive views on PoS as a consensus algorithm, Nikolajsen argued against the widespread view that power intensity is an Achilles heel for the Bitcoin network.