SEBA Bank, the Swiss digital asset banking platform, has said that it has launched an Ethereum staking service for institutions that want to earn yields from staking on the Ethereum network.
It has been reported that according to the firm, the move is a response to the growing institutional demand for decentralized finance (DeFi) services.
Mathias Schütz, an executive at SEBA Bank, 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.”
However, the executive believes that the upcoming Merge is a significant milestone for the network regarding security, scalability, and sustainability. Schütz added that launching ETH staking for institutions allows their firm to keep up with the rapidly evolving digital asset space.
The report said that apart from SEBA Bank, other firms have also started to offer staking services in anticipation of the Ethereum Merge. In June, crypto bank Anchorage Digital also announced its ETH staking service for institutional clients. Anchorage Digital co-founder Diogo Mónica said that institutional entry into ETH staking is a "win-win" situation for both the ecosystem and institutions.
Thus, Ethereum mining pool Ethermine created a new staking pool for users to stake ETH collectively and receive interest. Users can join the pool with a minimum of 0.1 ETH. However, the platform noted that lower holdings mean greater fees. At the moment, the platform offers a 4.43% annual interest rate for ETH staking.