Sygnum Bank to Offer Cardano (ADA) Staking
Zurich-based Sygnum Bank has announced Cardano (ADA) staking, adding to its portfolio of Ethereum, Internet Computer (ICP), and Tezos (XTZ).
Clients can now stake ADA from their existing crypto wallets to earn staking rewards. Sygnum’s digital assets are fully compatible with its existing banking infrastructure. Digital assets are secured using segregated wallets, secured private keys, and different layers of protection.
Sygnum introduced staking for XTZ about two years ago, in Nov. 2020, followed by ICP. In July 2021, the crypto-friendly bank announced it would support Ethereum 2.0 staking after the merge.
Executives pleased to add ADA diversification
Frederik Gregaard, the Cardano CEO, said that customers of Sygnum can enjoy a staking experience where they do not have to lock up their tokens. The company’s architecture also ensures that customers always have control over their tokens.
Stakers participate in validating transactions on a proof-of-stake blockchain and receive staking rewards. In contrast, proof-of-work blockchains like bitcoin and the existing Ethereum network require miners to validate transactions and are awarded bitcoin or ether. On Cardano, delegators get awarded every five days and can access their ADA anytime.
Thomas Eichenberger, Head of Business Units at Sygnum Bank, was excited about the possibility of broadening clients’ investment options while offering the safety and security of a regulated bank.
Thomas Brunner, in charge of Sygnum’s Accounts and Custody, said that the company is proud to expand its staking offerings to institutional clients, enabling portfolio diversification.
Hardware company Ledger said that its wallet supports about 100 Cardano tokens.
An important year for Cardano
Sygnum’s addition of ADA exposes its almost 1000 institutional clients to the cryptocurrency. It had a ten times increase in revenue in 2021.
Sygnum Bank AG holds a banking license in Switzerland, and Sygnum Capital Markets Services is licensed in Singapore. In March, the latter received the green light from Singaporean regulators to offer digital asset expertise and custodial services for asset and security tokens.
Cardano, founded in 2017, was the first blockchain network to use evidence-based, peer-reviewed methods before new features and upgrades.
The Cardano Vasil hard fork is slated for release sometime this year after it missed its June deadline, despite having the most development done with 13,003 commits on GitHub. The Vasil hard fork is designed to improve the speed and scalability of the Cardano network.
The previous hard fork was the Alonzo hard fork in Sep. 2021 that introduced smart contract capability to the blockchain.
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