Sygnum introduced cryptocurrency staking around two years ago with Tezos stake, later expanding the service to ICP or Et2. Cryptocurrency-friendly bank Sygnum Bank continues expanding its crypto services by launching support for Cardano (ADA) staking.
Sygnum has announced that it has increased its bank-grade staking offer with Cardano. Clients can now earn rewards by staking ADA through the bank’s institution-grade platform.
Sygnum has added ADA to its growing crypto-staking portfolio. It includes three proof of stake (PoS), protocols, Internet Computer, Tezos, and, soon, Ethereum 2.0.
The announcement states that staking services are an integral part Sygnum’s platform. They can be accessed by clients via the bank’s eBanking portal. These services can be integrated into Sygnum’s bank platform. This platform is designed to provide institutional-grade protection by using segregated wallets and secure key management.
Staking refers to the act of taking part in the validation of transactions on PoS blockchains in return for staking rewards. PoS blockchains are not dependent on mining activity, unlike proof-of-work networks like Bitcoin. Instead, they rely on users locking their coins to maintain a network.
Sygnum, a major Swiss bank, introduced cryptocurrency staking around two years ago. will launch Tezos Staking in November 2020. Sygnum also stated in July 2021 it would offer Ethereum2.0 staking through its platform.
Cardano staking will be added to Sygnum to increase institutional investor exposure. Sygnum had nearly 1,000 institutional clients by the beginning of 2022 after a tenfold rise in gross revenues in 2021. announced this January.
Frederik Gregaard, Cardano Foundation CEO, stated that this new offering allows Sygnum clients to join our ecosystem. Clients can enjoy risk-free staking experiences without the need to transfer or lock assets. Cardano’s architecture offers both institutional and retail clients unique opportunities for ADA holders. He stated that ADA holders always have control over their ADA.
Many crypto companies are working on Cardano-focused services in the wake of the Cardano Vasil hardfork. Ledger a major hardware wallet company, announced that 100 Cardano tokens would be integrated into its wallet software Ledger Live in late July.
Cardano Vasil’s hard fork will significantly increase the speed and scalability of the Cardano network, making it more suitable to smart contracts and decentralized applications. The Cardano Vasil hardfork was again delayed in July after failed to go live in June. Input Output Global suggests that the actual fork could take another few weeks.