Swiss bank Sygnum Bank extends cryptocurrency staking with Cardano

Swiss bank Sygnum Bank extends cryptocurrency staking with Cardano

Cryptocurrency-friendly Sygnum Bank continues to expand its crypto services by launching support for Cardano (ADA) staking.

Sygnum announced on Tuesday that the company has expanded its bank-level staking offering with Cardano, allowing customers to generate rewards by making ADA through the bank’s institutional-level platform.

ADA joins Sygnum’s growing cryptocurrency portfolio, which includes three proof-of-concept (PoS) protocols: Internet Computer, Tezos and soon Ethereum 2.0.

According to the announcement, betting services are an integral part of the Sygnum platform and are available to customers through the bank’s e-banking platform. The services are fully integrated with Sygnum’s banking platform, which is designed to provide step-by-step institutional security by implementing a segregated wallet, secure private key management and other tools.

Staking is the process of participating in the validation of transactions on the PoS blockchain in exchange for staked rewards. Unlike proof-of-work (PoW) networks like Bitcoin, PoS blockchains do not require mining activity and instead rely on users locking up their assets to maintain a network.

A large Swiss controlled bank, Sygnum started cryptocurrency staking about two years ago, launching Tezos staking in November 2020. Sygnum also announced in July 2021 that it would be available Ethereum 2.0 staking on its platform.

Cardano’s stake in Sygnum will increase the digital asset’s exposure to many institutional investors. After growing its gross revenue tenfold in 2021, Sygnum had nearly 1,000 institutional clients at the start of 2022, the firm announced in January.

“This new offering allows Sygnum customers to participate in our ecosystem, where they benefit from a risk-free staking experience without having to transfer or lock the asset,” said Frederik Gregaard, CEO of the Cardano Foundation. He added that Cardano’s architecture also offers ADA holders a unique opportunity for retail and institutional clients. “You still have power over your ADA,” he noted.

Also read: Lido Ethereum Betting Service Announces Tier 2 Expansion

In the context of the upcoming Vasil Cardano hard fork, many cryptocurrency companies are working on Cardano-centric services. At the end of July, Ledger, the leading hardware wallet company, Notice integration of 100 Cardano tokens into its Ledger Live wallet software.

Vasil’s hard fork is expected to significantly improve the Cardano network in terms of speed and scalability, making it more suitable for smart contracts and decentralized applications. After failing in June, Vasil’s hard fork was delayed again in July. According to Input Output Global, this hard fork may take “a few more weeks” to implement.

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