Sunday, September 25, 2022

Sygnum Bank adds Cardano ADA to its crypto staking portfolio

Two years after debuting with Tezos staking, digital asset platform Sygnum Bank has now added the native token of the Cardano blockchain (ADA) to its crypto staking portfolio. This means that its staking offerings will now include Tezos (YTZ), Ethereum (ETH), Internet Computer (ICP) and the new Cardano addition.

Sygnum to help improve investor exposure to Cardano

By Tuesday’s announcement, Sygnum users will henceforth be able to stake ADA on the institutional-grade banking platform. They will also be able to generate worthy rewards from their stakes.

Meanwhile, customers of the bank are not the only ones to benefit from this integration. Now that ADA may be staked on Sygnum, the asset itself will enjoy massive exposure to the bank’s institutional investors. Recall that as of January 2022, Sygnum reported that its institutional client base has grown over 1,000.

In his statement about Sygnum adding support for ADA, Frederik Gregaard, Cardano Foundation CEO was quick to mention how the integration poses no risks to the bank’s original clients. He said in parts:

“This new offering allows Sygnum’s clients to participate in our ecosystem, where they enjoy a risk-free staking experience…”

Crypto staking growing more popular?

Recently, staking is becoming more commonly seen in the blockchain industry. In fact, proof-of-work (PoW) networks like Ethereum are gradually migrating to proof-of-stake (PoS). For clarity, however, staking is what occurs when users of a blockchain lock up – or more literally, “stake” – their coins as contribution toward running a network. Such users are usually entitled to receive rewards otherwise known as yields.

Just as staking is increasingly popular, Cardano (ADA) itself is set to gain even more popularity. And with the Cardano Vasil hard fork expected shortly, the Cardano network has a lot of improvements in store. Most especially, as regards the speed and scalability of the network.

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