Sygnum, a digital asset bank based in Switzerland, has integrated support for Cardano (ADA). ADA will now be part of the bank-grade staking services of crypto banks for institutional clients.
Sygnum adds support for ADA staking
Customers of the crypto bank will now be eligible for rewards after staking Cardano’s native token, ADA. A Press release said Cardano will join the list of supported cryptocurrencies on Sygnum’s staking offers. The crypto bank initially offered staking for Ethereum, Internet Computer, and Tezos only.
Account and Custody Manager at Sygnum, Thomas Brunner, commented on the development saying that the company is excited to integrate support for Cardano staking. He added that the move would allow the company to expand its institutional-grade staking services.
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Through Cardano staking, it will be possible for Sygnum clients to access a unique crypto asset that offers staking rewards and supports the structuring of digital asset portfolios in a diversified manner.
Staking is a process where people lock their coins to validate transactions on blockchains that use proof-of-stake consensus. Users who delegate their tokens into staking pools receive percentage returns for their contribution to the network.
Sygnum clients who invest ADA through the platform will always have control of their funds and can withdraw them at any time without being charged any penalties or fines. Cardano Foundation CEO Frederik Gregaard commented on the move and said the offer would allow Sygnum customers to become part of the Cardano ecosystem, where they will benefit from a risk-free staking experience.
Sygnum hits $800 million valuation
Sygnum is a crypto bank launched in 2017. It is the world’s first digital asset bank. The Swiss crypto bank has been driving the rise in cryptocurrency adoption through its list of offerings.
In July last year, Sygnum became the first bank in the world to support Ethereum 2.0 staking, as the Ethereum network transitions from a proof-of-work (PoW) algorithm to a proof-of-stake consensus ( PoS).
Earlier this year, Sygnum received regulatory approval to provide its cryptocurrency services in Singapore. The Singapore branch of the bank has also been licensed by the Monetary Authority of Singapore to offer various services including corporate finance advice, capital market products and custody to investors in the country.
In January this year, Sygnum reached a valuation of $800 million after securing $90 million in funding in a Series B funding round backed by Animoca Brands and other industry investors.
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