In preparation for the network’s anticipated Merge event later this month, the Swiss-regulated cryptocurrency platform SEBA Bank has enabled ether staking services for large clients.
According to a statement from the bank, the much-touted institutional-grade service enables its users to earn incentives on their ether holdings on a monthly basis.
Post-merge, variable lock-up periods will be implemented. The Beacon Chain for Ethereum cannot accept any staked ether until after a further network upgrade called Shanghai, which is anticipated in the second quarter of 2023.
One of the most eagerly awaited and important breakthroughs in the project’s history is the Beacon Chain merging with its Mainnet, which is scheduled to occur around September 15.
The event provides the foundation for switching to Proof-of-Stake, which is thought 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, in this case controlled by the bank, will be activated on behalf of users who deposit more than 32 ETH (about $48,500) to SEBA.
