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Crypto bank Sygnum adds support for Cardano staking

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Crypto bank Sygnum adds support for Cardano staking
Crypto bank Sygnum adds support for Cardano staking

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Sygnum, a digital asset bank based in Switzerland, has integrated support for Cardano (ADA). ADA will now be part of the crypto banks’ bank-grade staking services for institutional clients.

Sygnum adds support for ADA staking

The customers of the crypto bank will now be eligible for rewards after staking Cardano’s native token, ADA. A press release said that Cardano would be joining the list of cryptocurrencies supported on the staking offerings offered by Sygnum. The crypto bank initially offered staking for only Ethereum, Internet Computer, and Tezos.

The Head of Accounts and Custody at Sygnum, Thomas Brunner, commented on the development saying that the company was pleased to integrate support for Cardano staking. It 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 provides 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 a proof-of-stake consensus. Users that delegate their tokens into staking pools receive percentage yields for contributing to the network.

The customers of Sygnum that stake ADA through the platform will still have control over their funds and can withdraw them at any time without being charged penalties or fines. The CEO of the Cardano Foundation, Frederik Gregaard, commented on the move and said that the offering would allow Sygnum customers to be part of the Cardano ecosystem, where they will enjoy a risk-free staking experience.

Sygnum hits an $800 million valuation

Sygnum is a crypto bank launched in 2017. It serves as the first digital asset bank globally. The Swiss crypto bank has been behind the rise in cryptocurrency adoption through its list of offerings.

In July last year, Sygnum became the first bank globally to support Ethereum 2.0 staking, as the Ethereum network switches from a proof-of-work (PoW) algorithm to a proof-of-stake (PoS) consensus.

At the beginning of the year, Sygnum received regulatory approval to provide its cryptocurrency services in Singapore. The Singapore division of the bank also obtained a license from the Monetary Authority of Singapore to offer various services, including corporate finance advisory, capital market products, and custody to investors in the country.

In January this year, Sygnum hit an $800 million valuation after securing $90 million funding in a Series B funding round that Animoca Brands and other industry investors supported.

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