- Staking can be accessible to customers through Sygnum’s e-banking platform
- The protocol also features Ethereum 2.0 (ETH), Internet Computer Protocol (ICP) and Tezos (XTZ)
- The Cardano ADA currently ranks as the eighth largest protocol by market capitalization
Swiss digital bank, Sygnum Bank, announces an extension of its bank-grade staking service to Cardano.
The Cardano ADA currently ranks as the eighth largest protocol by market capitalization.
The world’s first digital asset bank revealed that clients can securely stake Cardano’s native token, ADA.
The Sygnum banking platform
Staking happens conveniently through the bank’s institutional grade platform. The process aims to generate staking rewards.
Cardano joins Sygnum’s expanding portfolio of ban grade staking protocols. The protocol also features Ethereum 2.0 (ETH), Internet Computer Protocol (ICP) and Tezos (XTZ).
Clients stake Cardano from their existing wallets and earn staking rewards. The staking services offered by Sygnum are bank integrated. Segregated wallets assure institutional grade type of security.
Other forms of security involved include; secure private key management and multilayer security architecture.
How staking works
Thomas Eichenberger, Head of Business Units at Sygnum, stated that staking services present a necessary utility. Staking refers to the practice of actively participating in the validation of transactions.
Validation of transactions occurs on a proof of stake blockchain network. In return for validation of transactions, users obtain staking rewards. Furthermore, staking services demonstrate an essential component of Sygnum’s regulated offering.
Staking can be accessible to customers through Sygnum’s e-banking platform. As institutional adoption of digital assets escalates, demand for staking rewards continues to rise. The ramping up of rewards stems from the underlying protocols.
Sygnum’s staking offering now offers clients a broad selection of investment opportunities. Investment opportunities incorporate a backing by security and peace of mind of a regulated bank.
Sygnum to expose its users to digital assets
Meanwhile, just before the announcement, Cardano’s founder reassured users of no more delay in the hard forks. The founder, Charles Hoskinson, promised users of no further delays.
Hoskinson reiterated that the upgrade testing process continues as it nears its final release. He noted that things will move on in the right direction systematically and steadily.
Subsequently, Sygnum debuted crypto staking two years ago after launching Tezos staking in November 2020. In July 2021, Sygnum announced that it would offer Ethereum 2.0 staking on its platform.
The introduction of Cardano staking on its platform will increase exposure to the digital asset. The digital asset seeks to expand its market share to many institutional investors.
Following an increase in revenue in 2021, Sygnum’s institutional base rose to about 1,000 in January 2022. Cardano’s CEO, Frederik Gregaard said that the move allows Sygnum’s clients to participate in the Cardano ecosystem.
Users seek to enjoy a risk-free staking experience without having to transfer the asset or lock it. He said that Cardano’s architecture provides both retail and institutional clients with a unique opportunity.
Clients will have power over their ADA
In late July, major hardware wallet firm, Ledger, announced the integration of 100 Cardano tokens on its wallet.
The Cardano hard fork will significantly improve the Cardano network. Improvements center around the scalability and speed of the network. After failing to go live in June and delaying in July, more is to be expected in the coming months.
