As the Ethereum network evolves from proof-of-work (PoW) consensus to proof-of-stake (PoS), a digital asset platform known as SEBA Bank began a service for institutions to plunge into Ether (ETH) staking.
In a press release from yesterday, the Swiss digital asset banking platform SEBA Bank announced the debut of an Ethereum staking service for institutions seeking profits from Ethereum network staking. According to the company, this is a response to the increasing demand for decentralized finance (DeFi) services from institutions.
According to SEBA Bank executive Mathias Schütz, institutions can also contribute to the security of the Ethereum network by staking ETH. Schütz explained that:
“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.”
The CEO feels that the impending Merge is a highly important milestone for the network in terms of security, scalability and sustainability. Schütz further said that providing ETH staking for institutions helps his organization to stay up with the quickly changing digital asset industry.
There are a number of companies, like SEBA Bank, who have begun providing staking services in preparation for the Ethereum Merge. Anchorage Digital, a cryptocurrency bank, announced its ETH staking service for institutional clients in June.
According to Diogo Mónica, co-founder of Anchorage Digital, “win-win” refers to the fact that both the ecosystem and institutions benefit from institutional participation in ETH staking.
While this was going on, the Ethereum mining pool Ethermine launched a new staking pool where users could stake ETH collectively and earn interest. There is a bare minimum of 0.1 ETH required to join the pool. The site does warn that costs increase with decreasing ownership. Currently, users may earn an annual interest rate of 4.43% by staking Ethereum on the site.
02 Feb 2023
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