Sygnum Bank announces that it has expanded its bank-grade staking offering with Cardano (ADA), the eighth-largest protocol by market cap (at the time of writing).
Clients can “conveniently and securely stake Cardano through Sygnum’s institutional-grade banking platform to generate staking rewards.”
Cardano (ADA) joins Sygnum’s growing bank-grade staking portfolio, which “includes other leading Proof-of-Stake protocols like Ethereum (ETH), Internet Computer Protocol (ICP) and Tezos (XTZ).”
Cardano features “a proprietary peer-review process focused on enhancing scalability, interoperability and sustainability.”
Staking services are “an integral part of Sygnum’s regulated offering, and can be conveniently accessed by clients through Sygnum’s eBanking Platform.”
Sygnum already “offers staking on Ethereum, Internet Computer and Tezos, with clients now being able to stake Cardano from their existing wallets and earn staking rewards.” Sygnum’s staking services are fully “integrated with its banking platform, with institutional-grade security guaranteed with via segregated wallets, secure private key management and multi-layer security infrastructure.”
Cardano, which is a third generation blockchain platform launched in 2017, was the first blockchain platform “to implement evidence-based scientific peer-reviewed processes prior to the release of any new product, service, or update on its platform.”
It pioneers innovative technologies “with a mission to provide security and sustainability to decentralised applications, systems and societies globally.”
Staking is “the process of actively participating in the validation of transactions on a Proof-of-Stake blockchain in exchange for staking rewards.”
Proof-of-Stake protocols “employ significantly less energy than Proof-of-Work due to this alternative consensus mechanism.” With the Cardano blockchain, delegators “get rewards every epoch (five days) and can also access or withdraw their ADA at any time.” Additionally, Cardano has “no slashing penalties, which means delegators have complete control over their ADA.”
Thomas Eichenberger, Head of Business Units at Sygnum Bank, says:
“As institutional adoption of digital assets continues to ramp-up, demand for the ability to earn rewards alongside upside from the underlying protocols also continues to rise. Sygnum’s bank-grade staking offering, now including Cardano, offers our clients a broad selection of investment opportunities backed by the security and peace of mind of a regulated bank.”
Frederik Gregaard, CEO of the Cardano Foundation, said:
“I’m delighted to welcome Sygnum Bank and its clients to our thriving ecosystem. 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.”
Thomas Brunner, Sygnum Bank’s Head of Accounts & Custody, adds:
“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,”