Boerse Stuttgart-Backed Trading App Bison Launches Insured Ethereum Staking

Ethereum Germany Staking

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Veronika Rinecker

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Veronika Rinecker

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Veronika Rinecker is based in Germany and studied international journalism and media management. She specializes in reporting on topics such as politics and regulation, energy, blockchain, and...

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October 8, 2024

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Bison, a retail broker of the Boerse Stuttgart Group, has launched its insured staking offer to provide customers with step-by-step access to simple and secure staking with Ether (ETH).

With the new feature, Bison customers can participate in staking with a minimum amount of 0.005 ETH and receive weekly rewards. Staking rewards are rewards for supporting the Ethereum network in consensus finding or validating transactions.

#update 📣 BISON startet jetzt mit dem schrittweisen #Staking Roll-out!

Entdecke die Vorteile:
➡️ Versicherung mit Slashing-Schutz
➡️ Wöchentliche Rewards ab 0,005 ETH
➡️ 100% in 🇩🇪 mit namhaften Partnern @MunichRe & @StakingFac
➡️ Sichere & regulierte Verwahrung deiner ETH pic.twitter.com/s8yaUgpCJ6

— BISON App – Krypto, Aktien & ETFs einfach kaufen (@bisonapp) October 8, 2024

Insured Staking Service

Bison partnered with German companies for its staking service: Munich Re, one of the world’s leading reinsurers, and Staking Facilities, a staking provider.

To protect customers from potential losses, Bison offers a special staking insurance designed in collaboration with Munich Re. This insurance covers the primary risk of ‘slashing,’ which occurs when technical errors, human mistakes, or fraudulent activities result in the loss of staked Ether.

Bison launched staking due to high customer demand, according to the company’s press release shared with CryptoNews. “With the introduction of staking at Bison, our customers now have the opportunity to let their cryptocurrencies work for them and generate passive income,” said Dr. Ulli Spankowski, CEO and co-founder of Bison.

Bison’s staking service is currently available for German users through the mobile app. It will gradually be introduced to other app stores.

The annual interest rate for ETH staking with Bison is between 2% and 5%, as per the press release. This rate, however, can fluctuate depending on the Ethereum network’s conditions.

In the future, Bison plans to offer staking for other cryptocurrencies.

Bison Staking Controversy

Earlier this year, Bison faced criticism from the crypto community after it was revealed that the company was using its customers’ Ether to generate wagering rewards without sharing the profits.

In September 2023, Bison asked its users to agree to updated terms and conditions. While such updates are common in the digital services industry, this particular change raised eyebrows among users. It was revealed that the app had been granted permission to use customers’ Ether for staking.

Hey @bisonapp / @uspankowski,
stimmt das, dass ihr eure User zwingt, dem Staking ihrer eigenen #Kryptowährungen zuzustimmen und das Geld selbst zu behalten🧐?

Sicher nur ein Fehler, right…RIGHT?

Wir bitten um ein Statement 👀.https://t.co/086ohVuhow

— Blocktrainer (@blocktrainer) September 19, 2023

As reported by Finance Forward, Bison reassured its users that it would only use their coins for testing purposes related to the new staking service. The goal was to ensure the service’s functionality before allowing customers to participate in it and stake Ether, which is now possible.

Bison was founded in 2019 and has since attracted more than 840,000 active users. With a team of more than 130 employees, Bison offers trading in 27 cryptocurrencies and more than 2,500 stocks and exchange-traded products (ETPs). Following its launch in Germany, Austria and Switzerland, Bison plans to enter other European markets.