Swiss cryptocurrency bank SEBA has announced its expansion into the decentralized finance (DeFi) market. SEBA users will now be offered support with Synthetix (SNX), Yearn Finance (YFI), and Uniswap (UNI).
Cryptocurrency bank SEBA will now offer support for decentralized finance tokes. The news means that users may now trade and custody SNX, UNI, and YFI. Synthetix and Uniswap are among the biggest decentralized finance protocols available, while Yearn Finance is a DeFi financial aggregator that maximizes farming yields.
The Synthetix protocol has grown substantially since the beginning of 2021, expanding by 250% since January. Synthetic now has a total value locked (TVL) of over $2 billion. An increase of about 90% since the beginning of the year and up 500% since January 2020.
The Uniswap protocol has become a lynchpin in the DeFi market. AMM-type decentralized exchanges (DEX) allow users to act as a liquidity provider which differs from those based on order books. Recently, weekly trading volume crossed the $10 billion mark, setting a new record for Uniswap.
Yearn Finance, meanwhile, had been on a decline since hitting a new all-time high on Feb. 12, but broke that mark on April 18, when the price hit $57,174 on April 18. As far as value locked goes, Yearn Finance has around $275 million, with increased liquidity on its v2 vaults since its launch.
In reference to which crypto assets are selected, SEBA states that “the value accrual mechanism, tokenomics, and the underlying protocol play a central role in this process.”
SEBA clients are also given access to their tokens across each of the bank’s investment solutions. These include custom and actively managed client portfolios. This is in addition to the nine cryptocurrencies SEBA currently works with, such as bitcoin (BTC), bitcoin cash (BCH), ether (ETH), litecoin (LTC), stellar lumen (XLM), and the USDC stablecoin.