HomeCryptoEthereumEthereum: Seba Bank in Switzerland launches ETH staking

Ethereum: Seba Bank in Switzerland launches ETH staking

Seba Bank, a popular Swiss bank that received $110 million in investments in a Series C round earlier this year, today announced a new service for institutional clients interested in crypto: Ethereum (ETH) staking.

Non-retail clients who hold more than 32 ETH, currently about $50,000, will receive monthly rewards. The bank will not operate directly but will have a validator working on its behalf.

“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 chief technology solutions officer. 

Seba Bank in the crypto world

As early as 2019, Seba Bank was approved by FINMA, or the Swiss Financial Market Supervisory Authority, to provide cryptocurrency-related services to its clients. Initially, the crypto services were aimed only at customers residing in Switzerland, while subsequently, from the end of the year 2019, it had started to be able to accept Italian users as well.

In August 2021, Seba Bank had also announced the expansion of its crypto services to DeFi, with the addition of support for the tokens of Aave (AAVE) and Chainlink (LINK).

In 2021, Seba Bank had been included in the list compiled by Swiss CV VC of the unicorns of the crypto industry, i.e., those companies that have reached a market valuation of more than $1 billion. 

Ethereum will go from needing miners to needing validators for staking

The Ethereum Merge

The fact that it was just today that Seba decided to announce this important news for clients is perhaps no coincidence since Ethereum is attracting interest these days because of the Merge.

Just yesterday, the Bellatrix update took place, a hard fork that prepares the Ethereum blockchain for the real transition from Proof of Work to Proof of Stake, thanks precisely to the so-called Merge that will take place in mid-September, between the 13th and 15th, as the founder of Ethereum, Vitalik Buterin, pointed out just yesterday in a post on Twitter.

Bellatrix is an update that changes the Consensus Layer, which is that of the new PoS-based Beacon Chain. Whereas the one that will perform the actual Merge will be Paris, which will take place simultaneously on both the Consensus Layer and the so-called Execution Layer, i.e., the old PoW-based blockchain.

Seba Bank is not the only one supporting staking

In this way, Ethereum will go from needing miners to needing validators for staking, and so Seba Bank has already been willing to position itself in this regard. 

Back in 2021, it seems it was Sygnum (another Swiss unicorn) that had also announced staking support for what was then called Ethereum 2.0 in July of that year, along with companies like Blockdaemon and Bison Trails.

Amelia Tomasicchio
Amelia Tomasicchiohttps://cryptonomist.ch
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist, and also PR manager for the Italian market at Bitget. She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.