Sygnum Bank Adds Support for ADA Staking
- Cardano’s native token ADA has become the fourth asset to be supported by Sygnum’s staking platform, the rest being ETH, ICP, and YTZ.
- Although Sygnum first debuted its crypto staking service two years ago, it has already become an integral part of its business.
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Digital asset bank Sygnum has expanded the range of its crypto services with the addition of Cardano’s native token ADA to its list of supported staking assets, the bank said in a press release on 2 August.
According to the announcement, Cardano has become the latest addition to Sygnum’s bank-grade staking offering, with ADA joining Ethereum’s ETH, Internet Computer’s ICP, and Tezos’ YTZ as a supported staking asset. Available through its eBanking platform, Sygnum’s staking services have been fully integrated with its banking platform, which provides institutional-grade security through the use of segregated wallets, secure private key management, and other tools. The CEO of Cardano Foundation, Frederik Gregaard, said in a statement:
“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. Additionally, Cardano’s state of the art architecture provides both retail and institutional clients a unique experience for ADA holders. You always have the power over your ADA.”
Founded in 2018, Sygnum — which is regulated in Switzerland — has become one of the largest cryptocurrency-friendly banks in the world. It introduced crypto staking to its customers in November 2020 when it launched the services with its first supported asset, YTZ. Back in January, the bank said it was approaching1,000 institutional clients, and had over $2 billion in assets under administration.
Although staking — the process of validating transactions on a Proof-of-Stake blockchain, and receiving rewards — has become an integral part of Sygnum’s business, the bank offers other crypto-related services. Last year, it announced the launch of a full suit of services for leading DeFi tokens, such as trading and custody.
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