Swiss Bank Sygnum Introduces Cardano Staking Service
Cryptocurrency-friendly Swiss bank Sygnum, which describes itself as the “world’s first digital asset bank,” has extended its staking offering by introducing a Cardano ($ADA) staking service, enabling customers to earn income on their ADA holdings.
According to a bank statement, Sygnum’s staking services are “fully incorporated with its banking facility, with institutional-grade security ensured by segregated wallets, protected private key management, and a multi-layer security model.”
Staking is a method of receiving incentives for holding cryptocurrencies that employ a Proof-of-Stake consensus process by helping to safeguard the network by verifying all transactions. Proof-of-Stake-based cryptocurrencies use substantially less energy than Proof-of-Work-based cryptocurrencies.
Delegators on the Cardano blockchain get incentives every five days and may quickly access or withdraw their ADA at any time, according to the statement. Head of Business Units of Sygnum Bank, Thomas Eichenberger, was reported as saying:
As institutional use of digital assets continues to increase, so does the need for the potential to earn incentives in addition to the upside from the underlying protocols. Sygnum’s bank-grade staking solution, which now includes Cardano, provides our customers with a wide range of investment choices backed by a bank’s security and peace of mind.
The CEO of the Cardano Foundation, Frederik Gregaard, said that the new option enables “Sygnum’s customers to engage in our ecosystem, where they may have a stress staking experience without needing to transfer or lock their assets.”
The first time that Sygnum Bank let its customers stake cryptocurrencies was in November 2020, when it introduced a Tezos staking option. The bank stated in July of 2017 that its platform would support Ethereum 2.0 staking, enabling customers to stake their ETH on the Beacon Chain.
Cardano’s Vasil hard fork update, which is intended to bring a “huge” speed boost to the cryptocurrency’s network, was delayed “a couple more weeks”
Ledger, a French producer of cryptocurrency hardware wallets, just added support for 100 more native tokens on the Cardano network, enabling users to buy, transfer, and get these tokens on Ledger Live, the software for handling crypto assets Ledger devices.