SEBA Bank Enables Ether Staking As Merge Nears

Swiss-regulated cryptocurrency platform SEBA Bank has enabled Ether staking services for large clients in preparation for the network’s anticipated Merge event later this month. According to a statement from the bank, the much-touted institutional-grade service enables its users to earn incentives on their Ether holdings monthly. Post-merge, it will implement variable lock-up periods. The Beacon Chain for Ethereum cannot accept any staked Ether until after a further network upgrade called Shanghai, which anticipates in the second quarter of 2023. Beacon Chain Merging With Its Mainnet One of the most eagerly awaited and essential breakthroughs in the project’s history is the Beacon Chain merging with its Mainnet, which will occur around September 15. The event provides the foundation for switching to Proof-of-Stake, which seems to reduce energy consumption by more than 99% while increasing network scalability and security. With the switch to PoS, validators who stake Ether for the right to use the network will secure it rather than miners. There are currently about 422,000 validators operating globally, staking 13.5 million Ether, or about $20.5 billion at the current exchange rate. A validator will be activated by the bank on the user’s behalf – who deposits more than 32 ETH (about $48,500) to SEBA. With the launch of its Earn Product in October of last year, the bank first brought Cardano, Polkadot, and Tezos to the market. S...