Swiss Bank SEBA launches Ethereum staking service ahead of the Merge
- SEBA Bank stated that staking support for additional protocols will be added over time.
- Ethereum’s ‘Merge,’ which will bring the PoS consensus method to the chain, was recently postponed to September 13 to 15.
- On the charts, ETH is still struggling to find a sustainable support level, trading at $1,564.
Ethereum is currently one of the most talked about assets in the crypto space, thanks to the upcoming Merge.
With the transition to proof of stake (PoS) from the proof of work consensus arriving over the next few days, now seems like the right opportunity to lure users towards ETH-related services, and SEBA seems to be doing just that.
SEBA brings Ethereum staking service
The Swiss-based bank SEBA announced on Wednesday that a new Ethereum staking service had been established for users. With this service, SEBA will be catering to the increasing demand coming from institutions for investing in digital assets via staking and other DeFi means.
The head of technology and client solutions at SEBA, Mathias Schütz, talking about this service, stated,
“Our institutional grade staking services offer a comprehensive and fully integrated platform for earning rewards from investments across a range of leading PoS crypto networks. By launching support for Ethereum staking we continue to deliver our clients the cutting-edge technology that they need to stay apace with the rapidly evolving digital assets industry.”
However, SEBA’s staking services are not limited to just Ethereum. The bank also offers similar services for Polkadot and Tezos and will continue to add support for other protocols in the future.
With the Merge scheduled to arrive between September 13 and 15, investors are expecting a positive reaction from the market, and the anticipation could benefit the likes of SEBA.
But can Ethereum deliver as expected?
Looking at the current state of the market, it is difficult to say whether or not ETH will manage to reach the expected highs before the Merge arrives. Up by 5% at the time of writing, ETH is trading at $1,637, which is right below the resistance block.
Tested successfully multiple times over the last three months, this range between $1,669 and $1,761 will act as a critical support zone for ETH if it can manage to reclaim it.
However, the lack of volatility is a matter of concern as it could limit ETH’s upswing significantly. Narrowing Bollinger Bands is an indication of the same.
Additionally, if the basis of the indicator acts as a support, it will become slightly easier for ETH to breach through the aforementioned resistance block.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
