SEBA Bank Launched Ethereum Staking for Institutions

by in Cryptocurrency News

SEBA Bank Ethereum staking

Swiss Bank SEBA has launched Ethereum staking services for institutional clients before the expected Merge event, scheduled for this month.

Related: SEBA Bank CEO predicted Bitcoin surge to $75,000

The offering allows users of the bank to receive rewards on their holdings on a monthly basis. According to the statement, variable lock-up intervals will be decided post-merge.

No staked ETHs can be withdrawn from the Beacon Chain until the next network upgrade named Shangai, which is supposed to take place in the second quarter of 2023.

The staking management platform of SEBA Bank offers access to clients to staking across different PoS protocols including Ethereum, Polkadot, and Tezos.

According to The Ethereum Foudation, The Beacon Chain will merge with the Ethereum Mainnet around September 15. It's one of the breakthrough moments in the history of crypto. By switching from the Proof of Work consensus mechanism to Proof of Stake, Ethereum's energy consumption and fees are supposed to be reduced.