Ethereum Infiltrates the Traditional Banking System

TL;DR

• Taurus x Lido are bringing liquid Ethereum staking to Swiss Banks and their customers.

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The best way to onboard folks to Web3?

Start infiltrating their existing habits.

And today, we have a great example of such an infiltration:

The Taurus x Lido partnership, which aims to bring Ethereum staking (aka a high interest savings account for your ETH) to a bunch of Swiss banks.

Turns out the customers of these traditional banks want to explore Ethereum staking, but also want immediate control of their money (makes sense).

Which is where liquid staking comes in:

These banks’ customers can buy ETH → stake it to earn ~5% interest per year → get ‘staked ETH tokens’ aka (‘stETH’) in return → then go and spend this stETH elsewhere.

When they’re ready to un-stake their original Ethereum, they swap their stETH tokens for ETH tokens.

(Kinda like going to an arcade and cashing out your tokens for USD once you’re done playing).

Point is: these customers can stake/explore Ethereum, while always having spendable crypto tokens on hand — all without ever having to leave the banking app/interface they’re used to.

Whats even cooler – executives at these companies have all said they are looking to stack hands and help create an intersection for Web3 x traditional banking. 

If that ain’t institutional adoption — we don’t know what is!