ADA also added to Sygnum’s bank-grade staking offer along with ETH, ICP & XTZ.
With the new service, Sygnum bank’s customers can earn staking rewards.
According to the latest announcement from Switzerland-based digital asset bank, Sygnum, the bank has added ADA, the native cryptocurrency of the Cardano blockchain, to its portfolio of bank-grade staking investments. With the new service, clients can stake Cardano from their current wallets and receive staking rewards.
Sygnum’s Head of Business Units, Thomas Eichenberger stated:
As institutional adoption of digital assets continues to ramp up, demand for the ability to earn rewards alongside upside from the underlying protocols also continues to rise. Sygnum’s bank-grade staking offering, now including Cardano, offers our clients a broad selection of investment opportunities backed by the security and peace of mind of a regulated bank.
Features of Sygnum’s New Staking Offer
The Sygnum bank already offers to stake in Ethereum (ETH), Internet Computer (ICP), and Tezos (XTZ). With the launch of ADA, it became the fourth cryptocurrency that Sygnum staking for their clients.
As per Sygnum’s statement, Institutional-grade security is ensured through segregated wallets, robust private key management, and multi-layer security infrastructure for the bank’s staking services, which are completely integrated with its banking platform. The Cardano Foundation’s CEO, Frederik Gregaard, pointed out that the new service will allow bank customers to join the Cardano ecosystem and take advantage of risk-free staking without having to transfer or lock their assets.
In the previous year, Sygnum became the first bank to offer Ethereum 2.0 staking to clients, which allows them to stake Ethereum. Recently, Sygnum received in-principle approval from the Monetary Authority of Singapore (MAS) to carry out new operations under its Capital Markets Services (CMS) license. The firm previously raised $90 million in a funding round that valued it at $800 million.