Bison Launches Insured Staking Service for Ethereum (ETH) Holders
Bison, a retail broker under the Boerse Stuttgart Group, has introduced an insured Staking service to allow customers to participate in staking with Ether (ETH) in a simple and secure manner. This new feature enables Bison users to stake with a minimum amount of 0.005 ETH and receive weekly Rewards for supporting the Ethereum network through Consensus finding and transaction Validation.
The staking service provided by Bison has been made possible through a partnership with Munich Re, a leading reinsurance company, and Staking Facilities, a staking provider. The collaboration aims to offer customers a safeguard against potential losses associated with staking, particularly the risk of 'slashing' due to technical errors, human mistakes, or fraudulent activities.
According to a press release from Bison, the decision to launch the staking service was driven by high demand from customers who were seeking opportunities to generate passive income from their cryptocurrencies. Dr. Ulli Spankowski, the CEO and co-founder of Bison, emphasized the benefits of staking, stating that it allows users to put their Digital Assets to work effectively.
The staking service is currently available exclusively for German users through the Bison Mobile app, with plans for a gradual expansion to other regions in the future. Bison users can expect an annual interest rate of between 2% and 5% for ETH staking, subject to changes based on the Ethereum network's conditions.
Looking ahead, Bison intends to expand its staking services to include other cryptocurrencies beyond ETH, offering users a broader range of options for earning Rewards through staking.
Addressing Previous Bison Staking Controversy
In the past, Bison faced criticism from the cryptocurrency community over allegations that it was using customers' ETH for staking without sharing the resulting rewards. The controversy arose following updates to the app's terms and conditions in September 2023, which granted Bison permission to stake customers' Ether.
Concerns were raised by users, prompting Bison to clarify that the coins were being utilized solely for testing purposes related to the Development of the staking service. The company assured users that their coins were not being used for staking activities without their consent.
Since its establishment in 2019, Bison has amassed over 840,000 active users and offers a wide range of trading options, including 27 cryptocurrencies and more than 2,500 stocks and Exchange-traded products. With plans to expand into additional European markets following its success in Germany, Austria, and Switzerland, Bison aims to continue its Growth and provide users with innovative Solutions for Crypto Trading and staking.
