After allowing investors to earn ETH through Ethereum staking, the bank has now done the same with Cardano ADA.
Swiss-based digital asset bank Sygnum has added Cardano to its bank-grade staking services for institutional clients. The bank’s customers can now earn rewards for staking ADA, the eighth largest cryptocurrency by market cap., Cardano has joined the list of other cryptocurrencies supported on Sygnum’s staking offerings, which currently consist of Ethereum , Internet Computer and Tezos .
“We are pleased to integrate Cardano and further expand our institutional-grade staking offering. With Cardano staking, our clients can access a unique asset which offers staking rewards and enables them to structure their digital asset portfolios in more diversified ways.” Staking is the process of “locking” coins to validate transactions on blockchains based on a proof-of-stake consensus algorithm or many of its variants. Users or “stakers” can delegate their tokens to staking pools to receive percentage yields for their contributions to the network.As per the release, Sygnum’s customers who stake ADA will retain complete control over their funds and can withdraw them anytime without penalties.
the first bank to support Ethereum 2.0 staking ahead of the network’s transition to a PoS consensus algorithm.regulatory approval to operate in Singapore. According to the report, the bank’s Singapore division received a license from the Monetary Authority of Singapore to offer corporate finance advisory services, capital market products, and custodial services to investors in the country.raising $90 million from Animoca Brands and other industry investors in a Series B funding round.
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