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SEBA Bank Introduces Ethereum Staking for Institutional Clients

News
SEBA Bank Introduces Ethereum Staking for Institutional Clients

Switzerland-based cryptocurrency bank SEBA has launched Ethereum staking services for institutional grade clients, ahead of the long-anticipated Merge scheduled to happen later in September. 

SEBA Launches Ether Staking Ahead of Merge

SEBA announced the news in a press release on Wednesday (September 7, 2022). According to the crypto bank, the introduction of the Ethereum staking services is in response to increasing institutional demand for staking and decentralized finance (DeFi). 

The new services will allow clients to earn rewards monthly for staking on the Ethereum network, while adjustable lock-up periods will be available after The Merge — Ethereum’s transition from proof of work to proof of stake when the network’s current execution layer will be merged with a new consensus layer called The Beacon Chain.

The Merge will make Ethereum join the ranks of existing proof-of-stake (PoS) protocols in which customers stake and earn rewards. Many of the major Layer 1 blockchains are PoS networks including Avalanche, Fantom, and Solana. 

While SEBA’s institutional staking product is launching for Ethereum staking, the bank says it has plans to integrate other Layer 1s. SEBA Bank’s head of technology and client solutions, Mathias Schütz, said:

“The launch of our Ethereum staking services will enable institutional investors to play a key role in securing the future of the network, via a trusted, secure, and fully regulated counterparty. Our institutional grade staking services offer a comprehensive and fully integrated platform for earning rewards from investments across a range of leading PoS crypto networks. By launching support for Ethereum staking we continue to deliver our clients the cutting-edge technology that they need to stay apace with the rapidly evolving digital assets industry.”

Growing Institutional Demand for Liquid Staking

SEBA Bank is the latest entity to offer Ethereum staking as the Merge inches closer. As previously by crypto.news, SIX Digital Exchange (SDX) and Anchorage Digital also launched a similar service for institutional clients. 

These crypto staking solutions are coming amid increased institutional demand for staking PoS tokens. With Ethereum entering the PoS market, there could be an even greater uptick in the demand among big-money players for crypto staking especially as mining becomes increasingly restricted to older traditional blockchains like Bitcoin and Litecoin.

PoS networks require significantly lower energy than their proof of work (PoW) counterparts. Indeed, The Merge will see Ethereum’s energy consumption decline by 99.99%. Such a reduction in carbon footprint could also incentivize greater institutional interests in crypto staking as it may tie in with Environment, Social, and Governance (ESG) compliant investment goals.

Institutional players may also add liquid staking as part of their crypto staking push. With liquid staking, users who have staked their tokens on a proof-of-stake (PoS) network get new tokens that have an equivalent value to the staked coins. The newly-issued tokens can be used to earn yields on other DeFi protocols and can also be used to unstake the original token, thereby providing flexibility and additional yield potential.