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Institutions like banks could one day be key participants in Ethereum 2.0. And it’s a trend that will soon garner as much attention as institutional interest in bitcoin.
This is according to Blockdaemon and Bison Trails, who provide the infrastructure that makes running a staking node on Ethereum 2.0 low risk and easy to deploy.
The goal with Ethereum 2.0 is for the crypto to support thousands of TPS, have easy privacy options and rely on “staker’s” for security.
What this means is, anyone who holds Ethereum can generate a passive income for simply holding and staking their Ethereum.
The passive income is akin to interest, denominated in ether (ETH). And the interest you can receive is generally much more attractive than what you could get at a European bank.
That’s why Ethereum 2.0 is a big deal…
Konstantin Richter, founder and CEO of Blockdaemon predicts the Ethereum’s 2.0 will make holding ETH in a wallet and earning interest as simple in form as holding a checking account with a bank.
And that should attract many investors looking to earn easy crypto income.
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There’s a pipeline of large companies looking to get involved in Ethereum’s next-generation network
When it comes to offering institutional staking, the most progress has been made in crypto-friendly Switzerland.
For example, digital asset bank Sygnum is now offering Ethereum 2.0 staking.
It’s not the first foray into staking for Sygnum. A couple of months back, the crypto bank allowed its asset management, hedge fund and family office clients to stake on the Tezos blockchain.
Sygnum’s Ethereum staking service will involve locking up multiples of 32 ETH for a currently undefined period, until the transition to Ethereum 2.0. This is expected to generate a yield of between 8% and 6.5% per annum, according to Thomas Eichenberger, head of business units at Sygnum Bank.
That’s more than what you would receive from overseas and SA banks, at the moment.
Not to be outdone, the other main digital asset bank in Switzerland, SEBA Bank, is also about to launch Ethereum 2.0 staking, according to Matthew Alexander, SEBA’s head of digital assets.
Already since the launch (December 2020) of Ethereum 2.0, the total Ethereum staked amounts to $14 billion – which shows the huge amount of interest it has attracted in just 6 months.
This trend should continue going forward, and in doing so, support higher Ethereum prices.
According to Tim Ogilvie, the CEO of Staked,
“As you see a lot of institutional interest in bitcoin, I think a very natural next step is how does Ethereum work? There are a bunch of investors who believe that the risk/return on Ethereum is significantly higher than that on Bitcoin.”
See you next week.
Managing Editor, The South African Investor