Decentralized finance (DeFi) is one of the cryptocurrency sectors that has enjoyed success in recent months (alongside NFTs). Thanks to the success, several platforms are now supporting DeFi tokens, and SEBA Bank has expanded its support to include them.
SEBA Bank now supports DeFi tokens
Cryptocurrency bank SEBA announced earlier today that it had expanded support to include DeFi tokens. The bank has now added support for three decentralized finance (DeFi) tokens, which are Uniswap (UNI), Synthetix (SNX), and Yearn Finance (YFI).
SEBA, in its blog post, said, “SEBA Bank, a FINMA licensed Swiss Bank providing a seamless, secure and easy-to-use bridge between digital and traditional assets, today announced that with a total of nine cryptocurrencies, SEBA Bank is expanding its comprehensive offering into DeFi.”
This latest development means that SEBA clients can now trade and custody the DeFi tokens with the bank. Furthermore, the clients can access the tokens across SEBA’s investment solutions, including the customized and actively managed client portfolios.
SEBA said it is starting with the tokens of the most important DeFi protocols available on the market. Alistair Heggie, chief operating officer (COO) at SEBA Bank, stated that “Investor interest in digital assets is growing rapidly, and many want to go beyond bitcoin. 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.”
Following the addition of the three DeFi tokens, SEBA Bank now supports nine cryptocurrencies (including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Stellar lumen (XLM), Bitcoin cash (BCH), and USDC).
SEBA applies high standards in token selection
The bank said the addition of the three DeFi tokens is based on the recommendation of its research unit. “SEBA Research unit applies the highest standards and complies with the Swiss Bankers Association research guidelines,” the post added
SEBA pointed out that the cryptocurrencies are chosen using a rigorous process combining quantitative metrics and in-depth qualitative analysis. Uniswap and Synthetix are two of the leading decentralized exchange protocols, while Yearn Finance is a top yield farming aggregator, with over $3 billion worth of assets currently locked in the protocol.