Swiss bank Sygnum has announced that it has added Cardano (ADA) to its staking offering.
The company noted in an announcement today that its customers will be able to stake ADA, the eighth-largest cryptocurrency, via its bank-grade staking platform to earn rewards.
📰 📣 News: Sygnum Bank expands bank-grade staking portfolio with the Cardano blockchain’s native cryptocurrency, ADA
Read the full announcement here 👇https://t.co/WlJkJ7Q20I
— Sygnum Bank (@sygnumofficial) August 2, 2022
Following the development, ADA will be added to the list of cryptocurrencies Sygnum already offers for staking. Prior to the announcement, Sygnum offered to stake in three cryptocurrencies, including Ethereum (ETH), Internet Computer (ICP), and Tezos (XTZ).
With the addition of ADA, the cryptocurrency has become the fourth coin that Sygnum offers for staking to its clients.
Commenting on the development, Thomas Eichenberger, Head of Business Units at Sygnum Bank, said:
“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. Signum’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.”
Sygnum Staking Service and Its Importance to Users
It is noteworthy that Sygnum offers one of the top cryptocurrency staking services. Sygnum’s staking service is fully integrated with its banking platform.
Users’ security is guaranteed via segregated wallets, secure private key management, and a multi-layer security infrastructure.
Frederik Gregaard, CEO of the Cardano Foundation, was excited about the development, while welcoming Sygnum users to the Cardano 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,” Gregaard added.
Meanwhile, Sygnum became the first regulated bank to offer Ethereum staking to its clients. The move suggests that Sygnum is fully aware of cryptos’ potential and is committed to giving its users full exposure to the nascent asset class.