Swiss-regulated crypto platform implements Ethereum staking ahead of upcoming upgrade
Swiss-regulated crypto platform SEBA Bank launches Ethereum staking for its institutional clients.
Reasons for the bank including such staking includes catering to “growing demand” from institutions and managing a “range of digital asset yield cases” following the upcoming upgrade, Ethereum 2.0.
The upgrade—shifting the network to Proof of Stake (PoS) from the Proof of Work (PoW) model—will offer more scalability, security and sustainability on the blockchain.
Let’s hope the proposition doesn’t delay yet again.
But how else can this Swiss bank benefit from implementing Ethereum for staking purposes the most?
Reasons for SEBA Staking ETH
According to an official statement, SEBA bank launches Ethereum staking to:
- Address market demand for institutional-grade digital asset yield and staking services
- Enable institutions to earn rewards on the USD 190 billion market cap Ethereum blockchain
- Broaden access to sustainable crypto investment products regarding Ethereum reducing energy consumption by an estimated 99.95%
“The launch of our Ethereum staking services will enable institutional investors to play a key role in securing the future of the network,”said Mathias Schutz, the bank’s head of technology and client solutions, in a statement.
Schütz also noted that adding ETH staking for institutions allows their firm to keep up with the rapidly evolving digital asset space.
Although, to guarantee asset security, it’s crucial to note that SEBA will apply a cost-effective fee structure. Those depositing around $48,500 (32 ETH) to SEBA will have a validator activated on their behalf.
Other Firms Staking ETH – Why?
Similarly, the crypto bank Anchorage Digital revealed it will be adding ETH staking services for institutional clients to its platform in June.
Anchorage Digital’s co-founder, Diogo Mónica, believes the entry into ETH staking is a “win-win situation for both the ecosystem and institutions,” according to a recent press release.
Other firms offering staking services in anticipation of the Ethereum merge include Coinbase, Binance and Gemini.
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