Ethereum staking takes Swiss banking sector by storm: Taurus-Lido collaboration
Integrating Ethereum staking into the traditional banking sector is important, as Switzerland-based cryptocurrency custodian Taurus has partnered with Ethereum staking specialist Lido.
The goal of this collaboration is to create a bridge between the world of digital assets and traditional finance, allowing Swiss banks to offer Ethereum staking services to their customers.
Taurus-Lido Partnership
The collaboration between Taurus and Lido marks a pivotal moment, enabling the Swiss bank to offer a liquid staking solution through Lido’s Decentralized Autonomous Organization (DAO). Liquid staking involves locking Ethereum on a blockchain and receiving a tokenized representation (stETH) that can be used for transactions, improving liquidity within the decentralized finance (DeFi) ecosystem.
“The goal is to build a bridge between the world of digital assets and the world of traditional finance,” said Victor Busson, CMO of Taurus, highlighting the growing demand from bank customers for staking services.
The Swiss bank’s move toward Ethereum staking is not its first venture into the cryptocurrency space.
Last year, one of Switzerland’s main banks, St. Galler Kantonalbank (SGKB) has launched custody and trading services for Bitcoin and Ethereum in collaboration with SEBA Bank. This marks a strategic step into the digital asset space, with plans to expand its services in line with customer demand.
“We are very pleased to be able to support St.Galler Kantonalbank with our expertise in expanding services related to digital assets,” said Christian Bieri, Head of B2B and Custody Solutions at SEBA Bank.
Regulatory clarity
Regulatory clarity, an important aspect of institutional participation in Ethereum staking, has seen progress in Switzerland. Swiss financial regulator FINMA has issued guidance on cryptocurrency staking, addressing concerns and providing a framework for financial institutions.
Vassili Lavrov, Head of Product at Taurus, sees a groundbreaking opportunity for banks to embrace solutions like Lido, emphasizing that fixed funds must be available to customers at any time.
“One of the open questions that has been clarified from a banking law perspective is that if funds are locked, those funds must be available to the customer at any time,” explains Lavrov.
Ethereum’s recent price surge
Amid these developments, Ethereum has seen a notable surge in price. Factors driving this rally include significant inflows into Spot Bitcoin ETFs, anticipation of Ethereum ETF approval, the upcoming Bitcoin halving event, Ethereum’s impending Dencun upgrade scheduled for March 13, and increased adoption following ETF approval. etc. are included.
The current price of Ethereum is $2,758.56, up 4.43% in the last 24 hours and reflecting the overall positive sentiment in the market.