Ethereum Infiltrates the Traditional Banking System
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The easiest way to onboard of us to Web3?
Begin infiltrating their current habits.
And as we speak, we have now a terrific instance of such an infiltration:
The Taurus x Lido partnership, which goals to convey Ethereum staking (aka a excessive curiosity financial savings account in your ETH) to a bunch of Swiss banks.
Seems the purchasers of those conventional banks wish to discover Ethereum staking, however additionally need fast management of their cash (is sensible).
Which is the place liquid staking is available in:
These banks’ clients should buy ETH → stake it to earn ~5% curiosity per yr → get ‘staked ETH tokens’ aka (‘stETH’) in return → then go and spend this stETH elsewhere.
After they’re able to un-stake their unique Ethereum, they swap their stETH tokens for ETH tokens.
(Kinda like going to an arcade and cashing out your tokens for USD when you’re carried out taking part in).
Level is: these clients can stake/discover Ethereum, whereas all the time having spendable crypto tokens readily available — all with out ever having to depart the banking app/interface they’re used to.
Whats even cooler – executives at these firms have all mentioned they want to stack palms and assist create an intersection for Web3 x conventional banking.
If that ain’t institutional adoption — we don’t know what’s!
