Swiss based financial institution SEBA Bank has launched a program via which, its customers will start earning interests on their crypto savings.
In an announcement made by SEBA Bank earlier today, the institution says investors could now use its Ether (ETH) and Bitcoin (BTC) lending services to generate interests as part of its SEBA Earn program that is being launched. According to the bank however, the program will not be limited to those two cryptos only. Somewhere down the line, the bank which primarily focuses on offering digital assets, plans on integrating support for other cryptocurrencies as well.
Speaking on the development, SEBA Bank CEO Guido Buehler explains what necessitated the step his bank is taking. He claims that there’s a fast increasing interest and attention in digital assets from institutions, which of course translates to a broader appetite for crypto assets. He also added that the fact that this recently found attention being mostly focused on earning services like staking, borrowing and lending, is what prompted the bank to come up with the innovation.
SEBA has said that institutions can now be earning returns through its centralized borrowing and lending, as well as with its staking and decentralized finance (DeFi) programs. As at the time of writing this report, customers can already generate yields on Polkadot, Cardano, and Tezos. But hopefully, as the bank has promised, it will add more proof-of-stake protocols in the months ahead.
SEBA remains one of the first few banks, that is focused on digital assets, to get a custody license in Switzerland. Having been in the crypto industry since its founding some 3 years ago (2018), SEBA was selected by the Bank of France last year, to take part in its experimental digital Euro pilot project. That project was focused on exploring the reality and usefulness of central bank digital currencies (CBDCs) in cross-border payments.