SEBA Bank launches program for users to earn yields on crypto

Customers can currently generate yields on Polkadot, Tezos and Cardano, but the bank said it planned to add more proof-of-stake protocols in the coming months.

Customers of Swiss-based financial institution SEBA Bank will soon be able to earn yield on their crypto holdings.

In an Oct. 13 announcement, SEBA Bank said investors could use its Bitcoin (BTC) and Ether (ETH) lending services to generate yields as part of its SEBA Earn program. According to the bank, which focuses on offering digital assets, it planned on integrating support for other cryptocurrencies.

“As institutional interest in digital assets accelerates, investors have a broader appetite for crypto assets, with a particular interest in earning services like staking, DeFi and centralized crypto borrowing and lending,” said SEBA Bank CEO Guido Buehler.

SEBA said institutions would be able to earn returns through its staking and decentralized finance, or DeFi, programs, in addition to centralized lending and borrowing. Customers can currently generate yields on Polkadot, Tezos and Cardano, but the bank said it planned to add more proof-of-stake protocols in the coming months.

Related: First cryptocurrency fund approved in Switzerland

One of the first banks focused on digital assets to acquire a custody license in Switzerland, SEBA has been involved in the crypto space since its founding in 2018. Last year, the Bank of France selected SEBA to participate in its experimental digital Euro pilot project aimed at exploring the feasibility of central bank digital currencies in cross-border payments.