Ethereum Staking Services Implemented by Swiss Bank SEBA

Ethereum Staking Services Implemented by Swiss Bank SEBA

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September 9, 2022 by Vignesh Karunanidhi

The Ethereum merge’s anticipation has put forward support from around the globe. In preparation for the network’s awaited merge event later this month, the Swiss-regulated cryptocurrency platform SEBA Bank has introduced ether staking solutions for large clients.

According to a statement from the bank, the much-touted institutional-grade offering enables its users to earn rewards on their ether holdings on a monthly basis.

Post-merge, variable lock-up periods will be implemented. The Beacon Chain for Ethereum cannot accept any staked ether until after a subsequent network upgrade called Shanghai, which is anticipated in the second quarter of 2023.

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Ethereum merge- the much-anticipated event

One of the most eagerly awaited and important developments in the project’s history is the Beacon Chain merging with its Mainnet, which is scheduled to occur around September 15.

The event lays the foundation for switching ethereum from Proof-of-Stake, which is thought to reduce energy consumption by more than 99% and increase network scalability and security.

With the switch to PoS, miners will be replaced by validators. Approximately 422,000 validators are active at the moment, staking 13.5 million ether, or roughly $20.5 billion at the current exchange rate.

A validator, in this case, controlled by the bank, will be activated on behalf of users who deposit more than 32 ETH (roughly $48,500) to SEBA.

With the launch of its Earn product in October of last year, the bank first introduced Cardano, Polkadot, and Tezos to the market. Ether rewards on SEBA now join those PoS offerings.

The Swiss Financial Market Supervisory Authority (FINMA)-a regulated organization, which was initially founded by former UBS investment banking platform employees, provides large clients with custody and cryptocurrency storage solutions.

Nearly a year ago, it became the first company in the nation to be granted an institutional CISA license by FINMA, enabling it to provide custody services to Swiss mutual funds and investment schemes using liquid crypto.

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