Swiss-Based Taurus Partners with Lido for Ethereum Staking
The integration of Ethereum staking into the traditional banking sector is significant as Swiss-based cryptocurrency custody firm Taurus partners with Lido, a specialist in Ethereum staking. This collaboration aims to create a bridge between the world of digital assets and traditional finance, enabling Swiss banks to offer Ethereum staking services to their clients.
Taurus-Lido Partnership
The collaboration between Taurus and Lido signifies a pivotal moment for Swiss banks, allowing them to offer liquid staking solutions powered by Lido’s decentralized autonomous organization (DAO). Liquid staking involves locking up Ether on the blockchain and receiving a tokenized representation (stETH) that can be used for trading, enhancing liquidity within the decentralized finance (DeFi) ecosystem. There is increasing demand from banking clients for staking services.
The move towards Ethereum staking by Swiss banks is not their first venture into the cryptocurrency space. Last year, St. Galler Kantonalbank (SGKB), one of Switzerland’s cantonal banks, launched custody and trading services for Bitcoin and Ether in collaboration with SEBA Bank. This marked a strategic step into the digital asset domain, with plans to expand offerings based on client demand.
Regulatory Clarity
Regulatory clarity, a crucial aspect of institutional involvement in Ethereum staking, has seen progress in Switzerland. Swiss financial regulator FINMA issued guidance on staking cryptocurrencies, addressing concerns and providing a framework for financial institutions. Vassili Lavrov, Head of Product at Taurus, sees a breakthrough opportunity for banks to embrace solutions like Lido, emphasizing that locked-up funds must be available to clients at any given time.
Ethereum’s Recent Price Surge
Amidst these developments, Ethereum has experienced a notable surge in its price. Factors driving this rally include substantial inflows into Spot Bitcoin ETFs, anticipation of Ethereum ETF approval, the upcoming Bitcoin halving event, Ethereum’s impending Dencun upgrade scheduled for March 13th, and increasing adoption post-ETF approval. The current price of Ethereum stands at $2,758.56, reflecting a 4.43% increase in the past 24 hours and an overall positive sentiment in the market.
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