Taurus and Lido Collaborate to Introduce Ethereum Staking to Swiss Banking Sector
Taurus, a Swiss-based cryptocurrency custody firm, has partnered with Lido, a specialist in Ethereum staking, to integrate Ethereum staking into the traditional banking sector. This collaboration aims to create a connection between digital assets and traditional finance, allowing Swiss banks to offer Ethereum staking services to their clients.
The partnership between Taurus and Lido marks a significant moment for Swiss banks, as they can now provide liquid staking solutions using Lido’s decentralized autonomous organization (DAO). Liquid staking involves locking up Ether on the blockchain and receiving a tokenized representation (stETH) that can be traded, thus increasing liquidity in the decentralized finance (DeFi) ecosystem.
Victor Busson, CMO of Taurus, emphasizes the growing demand from banking clients for staking services and states that the goal is to bridge the gap between digital assets and traditional finance.
Swiss banks have already made moves into the cryptocurrency space, with St. Galler Kantonalbank launching custody and trading services for Bitcoin and Ether in collaboration with SEBA Bank. This strategic step into the digital asset domain is based on the increasing client demand, and the banks plan to expand their offerings accordingly.
Regulatory clarity is an essential factor for institutional involvement in Ethereum staking, and Switzerland has made progress in this regard. The Swiss financial regulator, FINMA, has issued guidance on staking cryptocurrencies, addressing concerns and providing a framework for financial institutions.
Vassili Lavrov, Head of Product at Taurus, sees this as an opportunity for banks to embrace solutions like Lido. He highlights the importance of ensuring that locked-up funds are always available to clients.
Amidst these developments, Ethereum has seen a significant surge in its price. This rally is driven by factors such as inflows into Spot Bitcoin ETFs, anticipation of Ethereum ETF approval, the upcoming Bitcoin halving event, Ethereum’s impending Dencun upgrade, and increasing adoption post-ETF approval.
Currently, Ethereum is priced at $2,758.56, reflecting a 4.43% increase in the past 24 hours and an overall positive sentiment in the market.