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Swiss-based digital asset bank Sygnum has added Cardano (ADA) 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.
According to a press release, Cardano has joined the list of other cryptocurrencies supported on Sygnum’s staking offerings, which currently consist of Ethereum (ETH), Internet Computer (ICP) and Tezos (XTZ).
Sygnum Adds Support for ADA Staking
Commenting on the development, Thomas Brunner, Sygnum’s Head of Accounts & Custody, said:
“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 (PoS) 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.
Investors to Retain Control Over Staked ADA
As per the release, Sygnum’s customers who stake ADA will retain complete control over their funds and can withdraw them anytime without penalties.
“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…You always have the power over your ADA,” Frederik Gregaard, the CEO of Cardano Foundation, said.
Sygnum Hits $800 Million Valuation
Sygnum was launched in 2017 as the world’s first digital asset bank. Since then, the Swiss bank has been driving crypto adoption through its offerings. In July 2021, the organization became the first bank to support Ethereum 2.0 staking ahead of the network’s transition to a PoS consensus algorithm.
Earlier this year, Sygnum obtained regulatory approval to operate in Singapore. According to the report, the bank’s Singapore division received a license from the Monetary Authority of Singapore (MAS) to offer corporate finance advisory services, capital market products, and custodial services to investors in the country.
In January, the bank reached an $800 million valuation after raising $90 million from Animoca Brands and other industry investors in a Series B funding round.