Bison, a retail brokerage platform under the Boerse Stuttgart Group, has introduced an insured staking service for Ethereum (ETH), offering customers a secure and easy way to participate in ETH staking. The new feature allows users to stake as little as 0.005 ETH and earn weekly rewards for supporting the Ethereum network in transaction validation and consensus building.
Insured Staking for Added Protection
Bison’s staking service is backed by partnerships with major German companies, including Munich Re, a leading global reinsurer, and Staking Facilities, a provider specializing in staking solutions. The service offers unique insurance protection against slashing risks—potential losses caused by technical errors, human mistakes, or malicious activity, which can result in the loss of staked Ether.
According to Dr. Ulli Spankowski, CEO and co-founder of Bison, the decision to introduce staking followed significant customer demand. “With the introduction of staking at Bison, our customers now have the opportunity to let their cryptocurrencies work for them and generate passive income,” he said.
The insured staking service is currently available for German users through the mobile app, with plans to expand to other app stores soon. Bison offers annual interest rates between 2% and 5% for ETH staking, although these rates may fluctuate depending on network conditions. The platform also intends to roll out staking services for other cryptocurrencies in the near future.
Addressing Controversy Surrounding Staking Practices
Earlier this year, Bison faced criticism after reports surfaced that the company was using customer-held Ether to generate staking rewards without sharing the profits. In September 2023, Bison updated its terms and conditions, raising concerns among users who discovered that their Ether was being utilized for staking purposes. However, Bison assured customers that this usage was limited to testing the service’s functionality before officially rolling it out.
Since its founding in 2019, Bison has grown to over 840,000 active users and now offers trading for 27 cryptocurrencies alongside more than 2,500 stocks and exchange-traded products (ETPs). Following its success in Germany, Austria, and Switzerland, Bison is planning to expand into other European markets.
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