SEBA Bank adds supports for three DeFi tokens
Cryptocurrency bank SEBA has listed support for three decentralised finance (DeFi) tokens as it expands its offerings
Swiss-based regulated cryptocurrency bank SEBA announced yesterday that it is now supporting DeFi tokens. This is the first time SEBA Bank will be listing DeFi tokens, and it started with three, adding that it could expand to include more in the future.
SEBA announced this via a blog post, stating that it is committed to providing a seamless, secure and easy-to-use link between digital and traditional assets. Its customers can now access Synthetix (SNX), Uniswap (UNI), and Yearn.Finance (YFI) tokens moving forward.
“With these new tokens, SEBA Bank is continuously expanding its offering and is entering into the DeFi world, supporting the tokens of the most important DeFi protocols available on the market. SEBA Bank´s clients will be able to benefit from these new tokens in all services including investment solutions, custody and trading,” the bank said.
Uniswap and Synthetix are two leading decentralised exchange protocols and have gained massive adoption in recent months. Yearn.Finance is the top yield farming aggregator and currently has nearly $3.5 billion worth of assets locked in the protocol.
Alistair Heggie, Chief Operating Officer (COO) at SEBA Bank, said the expansion was necessary because the adoption of cryptocurrencies is rapidly growing and goes beyond Bitcoin (BTC). “SEBA Bank offers investors bespoke access to the return drivers and diversification benefits of this new asset class. We are pleased to provide our expertise in digital assets to build exposure in this new asset class,” he added.
Following the addition of these three, SEBA now supports nine cryptocurrencies, including; Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Stellar Lumens (XLM) and the USDC stablecoin.
SEBA explained that DeFi tokens were chosen by SEBA Research, who provided analysis, insights and access to the new asset class. SEBA Research adheres to the highest standards and complies with the Swiss Bankers Association research guidelines when choosing tokens.
The cryptocurrency bank said the new tokens would be available across its investment solutions, including specially designed and actively managed client portfolios. Decentralised exchanges have become an alternative to the centralised trading platforms. Their trading volumes have been on the rise in recent months, hitting a new all-time high above $77 billion last month.