October 2, 2022


Summary:

  • Sygnum has added Cardano holdings to its bank-grade returns-generating portfolio.
  • Bank users can now get ADA tokens on a platform with institutional-grade security, according to the announcement.
  • ADA becomes the fourth crypto asset to join Sygnum’s portfolio along with Ethereum 2.0 and Tezos.
  • This comes as the Cardano community commits to the upcoming Vasil Hard Fork, despite several delays.
  • Founder Charles Hoskinson said final testing is underway and there should be no further delays.

Sygnum digital bank based in Switzerland was revealed Cardano’s governance features ADA as the latest addition to the institution’s staking service. Customers have the option to join ADA through Sygnum’s bank-grade performance facility as the bank expands its cryptocurrency offerings.

ADA, the eighth largest crypto in the world, joins Ethereum 2.0 (ETH), Internet Computer Protocol (ICP) and Tezos (XTZ) as the fourth crypto in Sygnumhis betting portfolio at press time.

The ADA staking option is integrated into the bank’s digital platform and has institutional level security. Such guarantees are supposed to be possible through the use of multi-layered security protocols, secure private key management, and a segregated wallet system.

The world’s first digital bank first released its return-generating decentralized finance (DeFi) investment package earlier in April 2022. Staking selected cryptocurrencies was a component of this investment solution per reports.

Staking involves locking up your cryptocurrencies for a period of time in exchange for performance or passive income. Your tokens also run on a Proof-of-Stake blockchain and participate in validating transactions.

Commenting on the news, Head of Business Units at the Swiss bank, Thomas Eichenberger, noted that the latest addition enhances the bank-level betting services available to customers. Eichenberger added that the bank is seeing an increase in performance demand as cryptographic protocols grow.

Vasil Hard Fork of Cardano almost here as Sygnum Onboards ADA

The latest staking development comes at a time when the ADA community is highly anticipating the Vasil Hard Fork. As mentioned earlier, the release of the update to the mainnet was delayed due to bugs and other factors.

However, founder Charles Hoskinson assured the community that testing is now in its final stages and no further delays are expected. Hoskinson also opined that more news will emerge later in August 2022.





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