The Swiss blockchain firm and cryptocurrency exchange Smart Valor has announced that it will support Kyber Network (KNC) staking.
The company revealed its new plan in a statement on its website.
“Users who stake KNC can vote on important proposals and receive rewards in return,” the company added.
It offered a three-month launch promotion for users to earn more rewards.
Olga Feldmeier, the company’s CEO, said, “Smart Valor will be contributing its expertise in Fintech and blockchain to further the development of KNC.”
To clarify, Smart Valor helps users “participate in staking and on ramp into the DeFi ecosystem thanks to its robust banking infrastructure.”
“Users can conveniently purchase KNC using credit card and stake the tokens with a click of a button,” Feldmeier noted.
Kyber Network is a “blockchain-based liquidity protocol that aggregates liquidity from a wide range of reserves. It powers instant and security token exchange in any decentralized application.”
Consequently, in 2018, Smart Valor gained the local regulator’s approval to operate in the Swiss financial market.
Steps to stake KNC
Firstly, users have to create account on SMARTVALOR.com, and then purchase or deposit KNC tokens into their Smart Valor’s wallet.
Secondly, users can purchase KNC directly either via credit card, wire transfer, or by trading it with Bitcoin, the company said.
Afterwards, the users will select “Stake” under Kyber Network then enter the amount of KNC they would like to stake and click “stake now.”
Finally, users will automatically receive their rewards directly into their ETH wallet on Smart Valor after every staking period.
Growth of crypto space in Switzerland
Switzerland is the home for the Crypto Valley Association, one of the world’s leading distributed ledger and blockchain ecosystems.
The association includes hundreds of virtual currency projects and firms that are competing in the industry.
In a significant move, the Swiss Financial Market Supervisory Authority (FINMA) granted the banking and securities dealer licences to two new Swiss crypto banks in 2019 for the first time.
The banks are SEBA Crypto AG and Sygnum AG.
At that time, Andreas Amschwand, Chairperson of SEBA, said,”This moment has significance far beyond the Swiss financial industry.”
He added that the banking licence of the FINMA “is not only a milestone for SEBA, it sets a new standard for banking in the Blockchain and digital asset economy.”