Swiss Bank Sygnum Launches Cardano Staking Service

Crypto-friendly Sygnum Bank continues to expand its crypto offerings by launching Cardano (ADA) staking support.

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

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

According to the announcement, staking services are integral to Sygnum’s platform and are available to customers through the bank’s eBanking platform. Services are fully integrated with Sygnum’s banking platform, designed to provide institutional-grade security by adopting separate wallets, secure private key management, and other tools.

A large regulated bank in Switzerland, Sygnum launched crypto trading about two years ago, launching Tezos staking in November 2020. The bank also announced in July 2021 that it would offer to stake Ethereum 2.0 on its platform.

The addition of Cardano staking on Sygnum will increase digital asset exposure for many institutional investors. After a 10-fold increase in total revenue in 2021, the bank’s institutional client base reached nearly 1,000 by early 2022, the company announced in January.

Cardano Foundation CEO Frederik Gregaard said:

“This new offering allows Sygnum’s clients to participate in our ecosystem, where they enjoy a risk-free staking experience without having to transfer the asset nor lock it. You always have the power over your ADA.”

Amid the upcoming Cardano Vasil hard fork, many crypto companies have been working on Cardano-focused services. At the end of July, major hardware wallet company Ledger announced the integration of 100 Cardano tokens on its Ledger Live wallet software.

The Cardano Vasil 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 not releasing in June, the Cardano Vasil hard fork was delayed again in July. According to Input Output Global, the actual execution of the fork could take “a few more weeks.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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